Lloyd’s of London underwriters will have surplus lines eligibility in Kentucky when new legislation there goes into effect in July, meaning they will have surplus lines eligibility in all 50 states.
It also means Lloyd’s underwriters will be able to place multistate surplus lines risks in every state going forward.
Lloyd’s is also licensed and regulated as an admitted insurer in Kentucky and has been for years. It has maintained an office since 1937.
The United States is Lloyd’s biggest market. Gross premiums were $13.6 bilion in 2013, or 37 percent of Lloyd’s total, up from $12.3b billion in 2012.
“Lloyd’s has a unique and long-standing relationship with Kentucky, now in its 77th year, and the market is committed to delivering top insurance solutions to the industry on both an admitted and surplus lines basis,” said Pat Talley, Lloyd’s director for the U.S. Central region director.
The bill (HR 375), sponsored by Rep. Robert R Damron, D, was passed by the House 97-0 and by the Senate 37-0. Gov. signed it into law on April 7.