EC3 Veteran 5pts The report misunderstands the Swiss-EU insurance arrangements. They do not provide a single-market passport, they do not permit insurers to carry on business by way of freedom of services and in addition they require localisation of capital when creating a branch. In addition, it's misleading to compare numbers (sic) of insurance companies underwriting in the wider EU through their subsidiaries with the amount of wider-EU GWP written through Lloyd's. It should be noted that Lloyd's and the Companies Market together amount to more than GBP100bn of GWP, with the split roughly 50:50. It is illogical to say that Lloyd's needs a passporting deal but the Companies Market does not.