Global re/insurance marketplace, Lloyd’s has announced the opening of a new office in Miami, a move that is designed to strengthen its Latin America and Caribbean business.
The new office, which will open from 1 September 2024, 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.
This region is an important and fast-growing area for Lloyd’s, accounting for 4.6% of gross written premium (USD $2.7bn) in 2023.
In Latin America, Lloyd’s business is predominantly reinsurance (93.6%), while in the Caribbean, reinsurance accounts for 21%.
According to Lloyd’s, the new Miami office will also help align its operations in the Americas across four offices in New York, Miami, Rio de Janeiro (Brazil) and Toronto.
This will also broaden the support and expertise Lloyd’s offers to its stakeholders and market participants, while supporting the market’s ambitions in the region.
Market development in the US continues to grow, and with the launch of the Miami office, this will also be able to get more support, especially in the excess and surplus lines (E&S) sector.
There are also opportunities to expand the Lloyd’s Academy (industry-leading commercial education platform for risk professionals), and Lloyd’s Lab innovation hub, as well as support captive syndicates, multinational business, and new capital.
Dawn 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.”
Latin America and the Caribbean accounted for 4.6% of Lloyd’s premium in 2023 (USD $2.7bn), generating a 14.5% increase year-over-year.
