(Bloomberg) – Lloyd's of London,the insurance market founded in the British capital in1688, plans to open a European Union hub in Brusselsfollowing the U.K. vote to leave the bloc.

The company expects the office to be open by the beginning of2019, it said in a statement on Thursday. Headcount for the newoperation will be in the "tens, not the hundreds," with some peoplemoving from London and some recruited locally, Chairman John Nelsonsaid in a Bloomberg TV interview.

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