London to LatAm: Why Lloyd’s Miami hub is a game-changer for its regional strategy

Lloyd’s is making a bold move with ambitious plans in Latin America; and at the centre is its newly launched Miami hub. But as Dawn Miller, Lloyd’s chief commercial officer and chief executive of Americas, explains, this strategic expansion isn’t just about geography, but consolidating talent, strengthening market access and reinforcing Lloyd’s presence in one of the world’s most dynamic reinsurance regions.

The hub officially launched in the third quarter of 2024, a calculated decision designed to enhance accessibility and operational efficiency.

‘We’re actually not that complex, but we come across as such due to history, being perceived as farther away.’

“We have multiple outposts across Latin America – each effective in its own right – but started asking ourselves, why don’t we aggregate our teams and talent into Miami, where all the intermediaries and the brokerage community are?” Miller explained. “That’s where the market meets. That’s where the business is transacted from.”

The Miami hub serves as a focal point for Latin America and the Caribbean, complementing Lloyd’s representative office in Mexico and robust presence in Brazil. Miller emphasised that this move is about much more than just logistics: it’s about making Lloyd’s more accessible to brokers and cover holders, many of whom see Lloyd’s as a complex entity.  

“We’re actually not that complex, but we come across as such due to history, being perceived as farther away,” she noted. “This hub is designed to simplify access, facilitate business and ensure that we’re positioned to support our partners more effectively.”

The Miami hub is a direct extension of Lloyd’s broader commercial strategy, a three-year plan built around five key pillars: multinational programme capabilities, underwriting efficiency, data-driven insights, innovation and global market expansion.

“We are committed to making it easier to do business with Lloyd’s, getting closer to intermediaries, capital and customers,” Miller stated. “That means improving transparency, streamlining processes and creating the conditions for growth. The Miami hub is a manifestation of that commitment.”

Beyond its role in Latin America, Miami also enhances Lloyd’s ability to engage with cover holders and managing agents in the south-eastern US, reinforcing its footprint in a region with growing demand for reinsurance solutions.

The landscape in LatAm

Latin America represents about 5 per cent of Lloyd’s overall reinsurance business, but that number is steadily growing. “It’s a dynamic marketplace,” Miller believes. “There’s ample domestic capacity, which is why we see major carriers moving into countries like Colombia, but there’s always going to be a need for additional nat-cat capacity, parametric insurance and specialist expertise, as examples.”

Miller sees Lloyd’s playing a key role in meeting that demand, not only by providing capacity but also facilitating knowledge exchange and innovation. “By positioning ourselves at this gateway point, we can be part of the solution for these markets.”

Technology and innovation 

Innovation has always been at the heart of Lloyd’s, and Miller believes technology will be a game-changer in reinsurance. “We’re seeing AI-driven analytics, geospatial mapping capabilities and data science transforming how we assess risk,” she noted. “The challenge has always been structuring unstructured data. Now, we’re in a place where we can leverage technology to create clearer benchmarks, anticipate trends, import new information effectively and refine pricing models.”

She sees particular promise in using data to improve rating structures for perils such as severe convective storms, floods and wildfires – areas where historical data has been insufficient. “We’re very clear on earthquake risks, but for other perils, we’re only just starting to unlock the potential of data-driven insights.”

No ‘cliff edge’

With climate-driven nat-cat losses increasing, Lloyd’s is concentrating both on portfolio resilience and supporting new technologies that address climate risks. “The stronger your underwriting performance, the more resilient you are,” Miller explained. “We need to ensure our market can perform to the highest standards while also supporting emerging risk solutions.”

She is adamant that companies must be part of the transition, not simply pulling back from challenging risks. “We don’t believe in creating a cliff edge. Instead, we focus on understanding risk, supporting innovation and ensuring we’re available to back sustainable, long-term solutions.”

Public-private partnerships

As insurers and reinsurers pull back from high-risk markets, Miller believes collaboration between the public and private sectors will be crucial. “Regulation often lags behind innovation, but by working together – whether through sandbox environments or new product structures – we can create viable, long-term solutions.”

She points to Canada as an example, where commercial losses have been manageable, but personal lines have suffered the worst nat-cat year on record. “We’re seeing new trends emerge, and the private sector can help inform regulatory approaches so coverage remains viable.”

The future of Lloyd’s in Miami

What’s next for Lloyd’s Miami hub? For Miller, the vision is clear: continued expansion and deeper integration with both Latin American and US markets.

“I see Miami growing from strength to strength,” she stated. “Beyond relationship management, I can see us bringing in more delegated authority expertise, more reinsurance specialists and expanding our educational efforts. There’s a huge appetite to understand Lloyd’s better – how to access our market, how to trade intelligently – and we’re here to make that easier.”

She also hints at a shift in how Latin American insurers engage with Lloyd’s. “We’re seeing Lloyd’s used more frequently as a capital management tool. If Latin American carriers look to expand globally, will they do so through Lloyd’s? It’s an interesting trend to watch,” she concluded.

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