(Bloomberg) – Lloyd's of London is pushing ahead with plans to open European headquarters outside of Britain after the U.K. prime minister indicated the country won't remain part of the EU's single market, according to Chief Executive Officer Inga Beale.

The company expects to decide on a location "likely to be somewhere on the continent" in the first quarter, Beale said in a Bloomberg TV interview at the World Economic Forum in Davos, Switzerland. Prime Minister Theresa May's  speech this week "confirmed that to stay in the single market is not a priority and it's not going to happen and that means we have to go ahead with our contingency plans," she said.

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