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Lloyd's of London to honour contracts, claims in event of a 'hard' brexit

Reuters
A man walks out of Lloyd's of London headquarters in the City of London, Britain, July 31, 2018. REUTERS/Simon Dawson/Files (Reuters)

LONDON (Reuters) - Lloyd's of London [SOLYD.UL] said on Tuesday it would continue to honour contractual commitments including the payment of valid insurance claims even if Britain exits the European Union without a transitional deal in place.

Lloyd's is in the process of setting up a subsidiary in Brussels to which it is transferring all European Economic Area business and is authorised to write all EEA business from Jan. 1, 2019.

(Reporting by Simon Jessop, editing by Sinead Cruise)