Lloyd’s Opens New Miami Office for LatAm and the Caribbean
Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has announced the opening of a new office in Miami from September 2024 to strengthen its Latin America and Caribbean business operations and continue to support the market’s sustainable and profitable growth in the Americas. By establishing a presence in Miami, Lloyd’s intends to enhance support for brokers, coverholders, and managing agents, centralising resources to better serve the Spanish-speaking markets of Latin America and the Caribbean.
This expansion also aligns Lloyd’s operations across the Americas, complementing its existing offices in New York, Rio de Janeiro, and Toronto, and enhancing its overall service capabilities and market development efforts.
Latin America and Caribbean is an important and fast-growing area for Lloyd's, accounting for 4.6% of gross written premium (USD $2.7bn) in 2023.
Dawn Miller, Lloyd’s newly appointed Chief Commercial Officer and CEO of Lloyd’s Americas, says: “I’m incredibly excited about the opportunities that our new Miami hub will offer Lloyd’s as we are able to work more closely with our market in Latin America and the Caribbean. We’ll also be able to provide broader support across the US, particularly in Florida and other states in the Southeast, which will enable us to continue to serve our customers in the Americas, a region that accounts for nearly two-thirds of Lloyd’s premium.”
The Miami office will also support market development across the US, where the excess and surplus lines (E&S) sector continues to grow and there are opportunities to expand the Lloyd’s Academy (industry-leading commercial education platform for risk professionals), and Lloyd’s Lab innovation hub (with award-winning InsurTech accelerator programme), as well as support captive syndicates, multinational business, and new capital.
- The excess and surplus lines (E&S) sector at Lloyd's specialises in providing insurance coverage for high-risk or unique situations that standard insurers typically avoid
- This sector is crucial for addressing the needs of businesses requiring tailored insurance solutions for complex or unconventional risks
The new Miami office will also play a crucial role in fostering market development across the United States, particularly in the expanding excess and surplus lines (E&S) sector. This sector represents a significant growth opportunity, providing Lloyd’s with the potential to increase its market presence and influence.
In addition, the Miami office will facilitate the expansion of Lloyd’s Academy, an industry-leading educational platform designed for risk professionals. This platform aims to enhance the skills and knowledge of industry participants, ensuring they are well-equipped to navigate the complexities of the insurance market.
The new office will also provide crucial support for captive syndicates, which are insurance entities created and wholly owned by one or more non-insurance companies to insure the risks of their owners. It will also assist multinational businesses in managing their global insurance needs and attract new capital to Lloyd’s market, enhancing its financial strength and capacity to underwrite diverse risks.
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