Lloyd’s Opening Miami Office to Support Growth in Latin America and Caribbean
We at iNLIP announced it in… 2019… and finally it hapened (or it is going to happen…) 5 years later…
Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today announces the opening of a new office in Miami from 1 September 2024 to strengthen its Latin America and Caribbean business and continue to support the market’s sustainable and profitable growth in the Americas. Latin America and Caribbean is an important and fast-growing area for Lloyd’s, accounting for 4.6% of gross written premium (USD $2.7bn) in 2023.
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.
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; broadening the support and expertise Lloyd’s offers to its stakeholders and market participants, while supporting the market’s ambitions in the region.
The Miami office will also support market development across the US, 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.
“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.”
Dawn Miller, newly appointed Chief Commercial Officer of Lloyd’s and CEO of Lloyd’s Americas.
About Lloyd’s
Lloyd’s is the world’s leading marketplace for insurance and reinsurance. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world.
The Lloyd’s market offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories.
We’re made up of more than 50 leading insurance companies, over 380 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market’s successful reputation and operation.
We’re working to build solutions for the most current and prevalent threats. As Chair of the Insurance Task Force for HM King Charles III’s Sustainable Markets Initiative, Lloyd’s is bringing the industry together to insure the transition to net zero. Our research community is pooling expertise from across the industry to provide cutting edge insight on systemic risks from climate change to cyber security.
And through our digital-led strategy, The Future at Lloyd’s, we’re making it easier and cheaper to place, price and process cover in the Lloyd’s market.
Source: Lloyd’s
