Japanese insurer Sompo has told The Financial Times that the company will still invest in London, despite Japanese government warnings that some of its companies may move their European head offices following the Brexit vote.
In an interview with the Financial Times, Sompo CEO Kengo Sakurada said that the company would continue to “put more resources and capital into Lloyd’s because it gives us access to other developed markets”.
Meanwhile, Lloyd’s of London chairman John Nelson has highlighted the importance of international business to the market. In an interview on BBC’s Today programme he warned that business will leave the City if it doesn’t get passporting rights post-Brexit.
Currently, more than 80 per cent of the capital invested in the insurance market comes from outside the UK, including 16 per cent from Japan.