'Lloyd's of Dublin' could be on the cards

The insurance specialist is examining whether the Irish capital is the right fit for its EU base...

'Lloyd's of Dublin' could be on the cards

Lloyd's building, London. Picture by Rebecca Naden PA Archive/PA Images

Global insurance market Lloyd's is closely examining whether it should establish a subsidiary in Dublin.

The London company is looking for an EU base as it aims to finalise its post-Brexit plans and the Irish capital is a prominent name on the shortlist, the Irish Times reports.

Lloyd's will bring a proposal to set up such a subsidiary before its members next month. The members would be required to agree to inject new capital into the subsidiary.

All of its European business, which accounts for approximately 11% of its gross written premiums, is currently rated from its London headquarters.

While it has emphasised that its head office would remain in London, an "onshore" branch would be crucial in allowing it to retain access to EU member states.

It was one of the first major City of London players to declare their intentions to look beyond British shores following the Brexit vote in June 2016.

Lloyd's chairman John Nelson said in September:

"We are not simply Lloyd's of London, we are Lloyd's. We are local to the territories and cities we now operate in."

It is understood that there are five options on the final shortlist, including Malta. Contact between Lloyd's representatives and Irish authorities are thought to be ongoing.