Belgian waffle anyone? Breakfast lure to UK insurers

BELGIAN regulators are in talks with ‘several’ major insurers about opening operations in Brussels or Antwerp post-Brexit.

Tom Franck, deputy director of economic and financial policy in the Belgian government, said he was hoping to build on moves by Lloyd’s of London and insurance company QBE to set up operations in Brussels, saying there were ‘a few other cases where we might also get some good news’.

Franck revealed the talks at a breakfast briefing for insurers last week in London held by accountancy firm Mazars. He told insurers that Belgium offered a strong regulatory regime – quipping that the country was also well known for the quality of its beer and waffles.

Speaking exclusively to The Mail on Sunday, Franck said there were ‘fewer than five’ insurers in discussions, but suggested that any moves would hopefully lead to big operations in Belgium in the long term. ‘Headquarters have trickle-on effects down the road. You move some activities, and see if it works or not,’ he said.

Belgium is looking to reform its corporate tax regime this year in a move that could make it more attractive to companies whose European headquarters are currently based in London. Lloyd’s of London is opening a subsidiary in Brussels to enable it to cater to European clients if the UK ends up leaving the European single market. The new subsidiary will employ 60 staff, Lloyd’s has said. Chief executive Inga Beale said: ‘Brussels met the critical elements of providing a robust regulatory framework in a central European location.’ QBE is also setting up a base in the Belgian capital. The insurer, which is best known for its business insurance operations in the UK, already has its biggest business on the Continent in Belgium.