Lloyd's chief says UK is now closer to 'no deal' Brexit

The outgoing chief executive of insurance market Lloyd's of London, Inga Beale, said her firm is accelerating Brexit contingency plans to transfer contracts to a Brussels subsidiary as she feels Britain is getting closer to leaving the European Union without a deal.

"In fact we're accelerating that plan as it seems to me as we might be closer to a 'no deal' than we were," Beale told the BBC. Beale is set to be replaced by former QBE Insurance Group boss John Neal, who starts on Oct. 15.

(With inputs from agencies.)