The group, which has been considering leaving the UK since last summer, has said it will shift its headquarters to the Netherlands.

Chief executive Dane Douetil said the move was prompted by the lack of clarity over the Treasury’s proposed reforms of the way it taxes companies’ foreign profits. “The Netherlands has given very clear guidance on how it taxes foreign profits,” he said. “That is not the case in the UK.”

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Several other Lloyd’s insurers, including Hiscox, Omega, and Beazley, have already moved head offices away from the UK to take advantage of lower tax.