Responding to claims made by AFP, a spokesman told Delano that no decision had yet been made.

“We are continuing to work through the process of establishing a subsidiary in the European Union and no decision has been taken on where that will be. We want to be able to provide our customers with a seamless access to the European Union and vice versa--as we know businesses in Europe will want to be able to access the Lloyd’s market.”

The specialist insurance market is thought to be considering the Benelux countries and Dublin, in Ireland for the EU subsidiary, which could host a maximum of 100 staff.

A decision is expected to be announced within the next four to six weeks.