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Immediate Brexit impact not a concern for Lloyd's of London, JPMorgan analysts say

Currency and financial market exposure of the central fundis the top risks that Lloyd's ofLondon faces today, while the U.K.'s Brexit decision poses less ofa concern for the marketplace since the majority of its assets are held in U.S.dollars, according to a JPMorgan analysis cited in a July 20 report publishedin Artemis.

Despite the relatively low threat of the U.K. leaving theEuropean Union, Lloyd's insurers reportedly told JPMorgan analysts that oneimmediate Brexit-related concern involves passporting arrangement that enablefinancial institutions of member countries to underwrite cross-border riskacross the EU. But JPMorgan pointed out that such underwriting accounts for 4%of Lloyd’s market gross written premiums.

Meanwhile, the analysts said the impact of Brexit on Lloyd'sprimary business is thus far unclear.

The insurers furthermore said "fixed-income marketshave actually seen gains since the Brexit vote due to the reduction in ratesand currently see no reason to readjust the asset allocation of the centralfund," the analysts reportedly wrote in their note.