Lloyd’s franchise board and council meetings were held on the details of a post Brexit subsidiary, the location of which have yet to be agreed upon. It has been reported that the shortlist still stands at the five put forward at the start of the year. It was initially stated that the meeting would yield an outcome with hopes the shortlist of five would be taken down to two. Lloyd’s has made a public commitment it would have a decision for the market by the end of March. The five geographies still on the list are, Belgium, Germany, Luxembourg, the Netherlands and Ireland. It has been said that Lloyd’s would only consider Germany as a location if it decides to make a play on the continent to build a Lloyd's Asia-style underwriting hub. Luxembourg and the Netherlands may still be suitable contenders should Lloyd’s decide that they want to avoid losing pass porting with minimum cost and effort.