Lloyd’s has established a new office in Morocco’s Casablanca Finance City (CFC), a North African economic and financial hub.
The office will allow Lloyd’s to better provide tailored risk solutions to the North African market, and was officially inaugurated on 3 April 2018, with Salah El-Kadiri as its General Representative.
Speaking at the office’s opening, Lloyd’s Chief Executive Officer (CEO) Inga Beale said: “We are delighted to open our office in Morocco today as we believe that Africa is the next frontier for insurance. At Lloyd’s, we are determined to play a vital role in supporting economic growth and developing insurance markets in Africa.
“To achieve this, we will improve access to the Lloyd’s market and support capacity building across the continent. This will be vital for realizing sustainable development and building resilience for the future. The opening of our Morocco office is a major step in this mutually beneficial journey.”
Lloyd’s new office will allow it to offer reinsurance on Moroccan and non-Moroccan risks, and to provide specialist solutions on a range of risks not yet covered locally, like marine and aviation.
CFC license permits Lloyd’s managing agents to appoint coverholders and service CFC companies to underwrite Moroccan and regional re/insurance business on their behalf.
El-Kadiri said: “I am thrilled to represent Lloyd’s in its commitment to supporting the development of insurance markets in Africa. Lloyd’s innovative and flexible risk solutions will be essential to seize opportunities for building resilience and supporting growth with a rising population and expanding infrastructure and commerce across Africa.”
Amit Khilosia, Lloyd’s Regional Manager, Africa, also commented: “Lloyd’s is honoured to partner with CFC, which is rapidly consolidating itself as a strategic hub for regional reinsurance. As a member of CFC’s thriving community, Lloyd’s is looking forward to providing innovative insurance solutions needed by the local market to propel further business expansion in the coming years.”
Additionally, Saïd Ibrahimi, CEO of CFC, said: “The launch of Lloyd’s in Casablanca will undoubtedly bring more strength and credibility to insurance markets as well as solutions to our region that offers immense opportunities. Lloyd’s in Casablanca will help upscaling CFC’s ecosystem and open-up more perspectives for Africa.”