Lloyd’s goes bigger in Americas and Caribbean; eyes ‘opportunities to expand’
Global re/insurance marketplace Lloyd’s has strengthened its Latin American and Caribbean business with the launch of a new hub in Miami. Lloyd’s chief commercial officer Dawn Miller and outgoing regional director Hank Watkins spoke to Intelligent Insurer earlier this year about growth plans targeting the region.
Lloyd’s is opening a new office in Miami from September 1, 2024 to strengthen its business across the region and support the market’s sustainable and profitable growth in the Americas.
Lloyd’s said that Latin America and Caribbean is an important and fast-growing area, accounting for 4.6% of its gross written premium ($2.7bn) in 2023. In LatAm, Lloyd’s business is predominantly reinsurance (93.6%). In the Caribbean, reinsurance accounts for 21%.
The new office will enable Lloyd’s to realign its resources to centrally support brokers, coverholders and managing agents throughout Spanish-speaking Latin America and the Caribbean, while creating another hub in the Americas to service overall Americas business, it stated.
Concentrating Latin America and Caribbean market development activity from Miami will align Lloyd’s operations in the Americas across four offices in New York, Miami, Rio de Janeiro (Brazil) and Toronto.
The Miami office will also support market development across the US, Lloyd’s noted, “where the excess and surplus lines (E&S) sector continues to grow and there are opportunities to expand” the Lloyd’s Academy (industry-leading commercial education platform for risk professionals), and Lloyd’s Lab innovation hub (with award-winning InsurTech accelerator programme), as well as support captive syndicates, multinational business, and new capital.
Miller, Lloyd’s newly appointed chief commercial officer and CEO of Lloyd’s Americas, said: “I’m incredibly excited about the opportunities that our new Miami hub will offer Lloyd’s as we are able to work more closely with our market in Latin America and the Caribbean. We’ll also be able to provide broader support across the US, particularly in Florida and other states in the Southeast, which will enable us to continue to serve our customers in the Americas, a region that accounts for nearly two thirds of Lloyd’s premium.”
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