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Lloyd's of London to set up Brussels base after Brexit

Lloyd's of London wants to maintain a presence in Europe. Credit: AP

Insurance market Lloyd's of London is to establish a subsidiary in Brussels to maintain a presence in Europe once Britain leaves the EU.

The company confirmed the plans as it unveiled its full-year results, with profits flat for 2016 after the firm wrestled with "extremely challenging" conditions driven by pricing pressures.

Its decision to choose the Belgian capital as its preferred site for an EU base was made during a meeting of the firm's franchise board on Tuesday.

It is believed the move will result in around 100 jobs being shifted from London, though that number could rise as the insurance market establishes itself in the Belgian capital.

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