Florida Gov., Insurance Chief Discuss Reinsurance with Lloyd’s of London

July 15, 2008

Florida Gov. Charlie Crist met with Lord Levene, the chairman of Lloyd’s of London, to discuss reinsurance issues in Florida, as well as Lloyd’s climate change initiatives.

The meeting took place during the Team Florida Trade and Business Development Mission to the United Kingdom, France, Russia and Spain. Also in attendance were Florida House of Representatives Speaker Designate Ray Sansom and Insurance Commissioner Kevin McCarty.

McCarty spoke about the importance of modernizing our reinsurance framework and Florida’s leadership role in that capacity. He also discussed the role of global reinsurance and the consequences of global warming.

“The market for insurance against large scale natural disasters has evolved into a highly competitive marketplace and it is imperative that Florida remains out front as the market continues to evolve,” Mccarty said. “The time for inefficient and potentially obstructive regulation has passed. We remain committed to developing efficient regulation that will stabilize these markets while still ensuring that the promise of available and affordable insurance made to Florida policyholders remains our primary focus.”

Lloyd’s of London is a collection of insurance market members, instead of an insurance company itself. It is the oldest insurance marketplace in the world, incorporated in 1871. The goal of Lloyd’s is to serve as a platform for insurance and reinsurance buyers and sellers to access and trade specialist, large property and causalty risks. Brokers come to Lloyd’s to try to find the best price, terms and conditions for policies. Lloyd’s does not underwrite insurance, its members do. The membership of Lloyd’s is currently made up of companies and individuals. Supporting capital is provided by investment companies.

Source: Office of the Governor of Florida