A spokesman said the locations had not yet been made public, but would likely be “the usual suspects”, referring to existing financial centres in the EU.
He added: “Following the referendum we committed to looking at the options that would allow the Lloyd’s market to continue trading seamlessly with the EU. This included establishing a subsidiary model amongst others… We believe it is in the interests of the City to have ease of access to the EU’s single market and we will continue to work with both the industry and the Government in any way we can on this.”
In November, Lloyd’s said it would outline firm plans for its post-Brexit future in the first quarter of next year. It was considering whether to continue with a single insurance company or go for a branch solution and has now decided to go for the second option.
The insurance market will issue an update in February 2017, the spokesman said.
The Financial Times reported Lloyd’s chairman, John Nelson, as saying: “Insurance is a mobile business. In common with other financial institutions, we need to put our plans in place — at least on a precautionary basis.”