Specialist Lloyd’s underwriter Marketform announced that it is the first Lloyd’s Managing Agency to secure a coverholder in Lithuania, one of the fast-emerging countries in the Baltic region.
“Initially the coverholder arrangement will provide insurance for Accident & Health and this business will be underwritten locally by Balto Link based in the capital of Lithuania, Vilnius,” said the bulletin.
Marketform is also considering the potential for underwriting Professional Indemnity, General Liability, Directors & Officers and Medical Malpractice in this region.
Peter Montanaro, Head of Delegated Authorities at Lloyd’s, confirmed that Marketform is the first Managing Agency at Lloyd’s with a coverholder in the Baltic region. He said: “This new coverholder relationship provides Marketform with an excellent platform for developing their Accident & Health book. As the Baltic States continue to recover from the recent financial crisis, the insurance solutions offered by the Lloyd’s market can be a great support to their economies’ growth. I am delighted for the Marketform team, who have worked hard to achieve this milestone.”
Marketform’s CEO John O’Neill added: “This new coverholder relationship is further evidence of us expanding our geographical reach. We have started 2014 with confidence and determination to continue building on the solid platform that we have strengthened during the past eighteen months.
“We have been working closely with Tomas Kontautas, the Lloyd’s Representative for the Baltic region, to secure this great opportunity for Marketform in a brand new area for Lloyd’s.”
This is the second recent regional move for Marketform. In June 2013 it commenced underwriting Hospital Professional Liability, comprising medical malpractice and associated general liability insurance, in the U.S.