Lloyd's insurer is belived to have appointed advisors.

Brit has declined to comment on reports that it has appointed Ernst & Young to advise it on a possible move out of the UK to a more favourable tax regime.

The insurer said Ernst & Young was its auditor and carried out a wide range of consultancy services.

Earlier this year, Brit’s chief executive Dane Douetil expressed his frustration at the UK’s business tax regime and said the company was considering its position.

Douetil told a national newspaper: “I have worked hard on staying in the UK. Brit is domiciled here. We want to remain, but can stay only if we have greater certainty about our tax position. We are looking closer than ever at other possibilities.”

Brit is believed to be looking at jurisdictions including the Republic of Ireland and Switzerland.