Lloyd’s announced its decision to establish a European subsidiary last year after Britain voted to leave the European Union, and chose Brussels “because of its strong regulatory framework,” the report said.

Currently Lloyd’s application is with the Belgium regulator, and the insurance market is seeking office space and putting technology systems in place.

Ms Beale said: “We are hiring people, we hope to make some appointments shortly. We will have the Brussels subsidiary up and running by January 1, 2019.

“That is ahead of the actual official exit, but we run a market and we want to be ready for all of our businesses and syndicates that operate within the market. That’s why we are really pushing ahead.”

In discussing Lloyd’s hiring plans for the subsidiary, Ms Beale said: “it will be in the tens, probably, up to 40 or something,” and that they would move roles from other offices to the new subsidiary.

The 2018 Allianz Risk Barometer report is based on the insight of a record 1,911 risk experts from 80 countries.

Business interruption (BI) ranks the most important risk for business for the sixth year in a row, and for the first time includes cyber incidents as the most feared BI trigger – with BI also considered the largest loss driver after a cyber incident.

The report said that cyber has continued its upward trend on the risk barometer rising to second place in 2018, compared to its fifteenth ranking five years ago.

It is considered to be the top risk in 11 surveyed countries, including the Americas region, second in Europe and Asia Pacific, and is ranked the most underestimated risk and the major long-term peril.

Chris Fischer Hirs, Chief Executive Officer, Allianz Global Corporate & Specialty, said: “For the first time, business interruption and cyber risk are neck-and-neck in the Allianz Risk Barometer and these risks are increasingly interlinked.”

The announcement follows Oscar’s move to double its individual market presence to six states: New York, New Jersey, Texas, California, Ohio, and Tennessee.

The report quoted the company as saying that the partnership will help Oscar “accelerate expansion efforts and enable long term, capital efficient growth”.

Joel Klein, Oscar Health Chief Strategy and Policy Officer, said: “As Oscar prepares for its next phase of growth and pursues its mission to use technology to deliver better care at a lower cost, we will benefit from this strategic partnership with AXA and its global scope, deep reinsurance expertise, and a shared vision for the future of healthcare.”

Mattieu Rouot, AXA Senior Vice-President of International Employee Benefits, said: “AXA is transforming its model from a payer of claims to a partner for its clients. Our focus is on building relationships and empowering our customers.”

In her new role, Ms. Madeiros will be responsible for providing both strategic and operational compliance and regulatory affairs support to XL Group in Bermuda.

Most recently, she served as Senior Vice-President, Deputy Director and Corporate Secretary of the Association of Bermuda Insurers and Reinsurers (ABIR), where she has worked for the past 12 years.

Sean McGovern, XL Group’s Chief Compliance Officer & Head of Government & Regulatory Affairs, said: “I am thrilled that Leila will be joining us as we build out our global Compliance and Regulatory & Government Affairs capabilities.

“Leila is highly regarded for her experience and wealth of knowledge of the Bermuda market and international regulation and policy.”