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An exterior view of the Lloyd's of London building in the City of London. (AP Photo/Sang Tan)

(Bloomberg) – Lloyd’s of London said that at least 34,000 jobs in the city’s commercial insurance industry are at risk if Britain votes to leave the European Union, with some companies drawing up plans to relocate outside of the U.K.

Further job losses are also expected among the “tens of thousands” indirectly employed by the insurance market, according to a position paper published by Lloyd’s, along with the International Underwriting Association of London and Fidelis Insurance Holdings Ltd.

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