Lloyd’s Chairman Lord Peter Levene announced that the U.K.’s Financial Services Authority (FSA) has given Lloyd’s authorization to write direct business in eight of the new European Union accession countries (See IJ Website May 3).
Lloyd’s said the new licenses will allow it to “accept all classes of business, except motor third party liability, on a cross border, freedom of services basis from the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia. Lloyd’s is already a licensed insurer in Malta and Cyprus.”
With the new additions Lloyd’s is now authorized to trade in 72 territories worldwide, including all 25 EU countries.
During a visit to Lloyd’s by Aleksander Kwasniewski, President of Poland, Lord Levene stated, “These licenses mark a further expansion of Lloyd’s outreach in Europe. Our underwriters look forward to offering their expertise and resources to the rapidly changing needs of the new EU countries.
“The potential of the new enlarged European market cannot be underestimated. Expanding our presence in Europe will enable Lloyd’s underwriters to better serve their existing customers while offering new and exciting opportunities to the new EU countries.”
The bulletin noted that the Polish President “visited Lloyd’s as part of a three-day State Visit to the UK. During his visit to Lloyd’s, he addressed a forum of British business leaders and visited the Underwriting Room to see first-hand how risks are underwritten. He was accompanied by His Royal Highness The Duke of Kent and the Lord Mayor of London.”
Was this article valuable?
Here are more articles you may enjoy.