In a recent interview, published on the Lloyd’s web site (www.lloyds.com), Enrico Bertagna, Regional Manager for Europe, discussed Lloyd’s present and future plans to expand the London Market’s presence.
Europe is a vital region for Lloyd’s and there are plans for rapid expansion of the Lloyd’s network in the coming months. The article points out that “Europe is the biggest collective economy in the world and the source of one third of the world’s non-life insurance premiums.” Bertagna noted that it is therefore “an extremely important market for the global insurance industry and Lloyd’s is no exception.”
As a result, Lloyd’s is now in the process of applying for new licenses in the region and is also appointing new staff and opening new offices in other countries.
“We have just announced the appointment of a new Country Manager for Ireland and will be opening an office in Dublin. We are also appointing a new Country Manager for Switzerland, recruiting a Business Relationship Manager for Germany & Austria and a Nordic Area Manager,” Bertagna explained.
Since the start of the year, Lloyd’s has appointed a Country Manager in Poland and has applied for an establishment license for a country which has become a leading emerging financial services market, thanks to a huge influx of international capital and business investment since its arrival into the European Union.
Licenses have also been applied for to enable Lloyd’s to fully operate in Austria, Portugal and the Czech Republic.
“While Lloyds is well established in Western Europe, we realize that there are plenty of opportunities in Eastern Europe where our presence has been limited,” Bertagna added. “We are, therefore, looking at how we can enhance our brand and our relationships there. Next year we will look at how we can further expand Lloyd’s in other Eastern Europe countries, such as Hungary, Romania and also Turkey.”
Part of the market’s success has been its close ties with brokers and intermediaries across Europe and those ties, Bertagna indicated, are of increasing importance to Lloyd’s.
“Intermediaries are under pressure,” he added. “The region contains the world’s biggest insurers and they are looking at distribution strategies which include the acquisition of intermediaries and going direct to the client.
“We feel it is vital to work with intermediaries and support them in providing sophisticated and bespoke solutions to their clients via Lloyd’s capacity. We want to position Lloyd’s as a long term partner for brokers and intermediaries and a place which they find easy to access and containing specialist underwriters they want to do business with.”
Source: Lloyd’s
Topics Excess Surplus Europe Lloyd's
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