The FINANCIAL -- Lloyd’s, the world’s specialist insurance and reinsurance market, has opened an office in Bogota on June 21 to build its trading relationships in the fast growing Latin American market.
Two Lloyd’s insurers - Advent and Brit - will be represented on the Lloyd’s Colombia platform alongside the Lloyd’s representative office. In 2015 Lloyd’s appointed Juan Carlos Realphe as its first General Representative and received a licence to provide onshore reinsurance.
Colombia is a fast-growing centre for facultative reinsurance and Lloyd’s is already a well-established provider of energy, property, financial lines and aviation cover, according to Lloyd’s.
John Nelson, Lloyd’s Chairman, said:
“Colombia is an important part of Lloyd’s future growth strategy, both as a fast-growth market and as a gateway to Latin America, and I am delighted to be opening our office today.
“Colombia is a growing economy which is making significant investments for the future. However, insurance penetration is one of the lowest in Latin America, at only 1.6% of GDP.
“As Colombia realises its economic potential, insurance and reinsurance can play a key role in supporting this economic growth by improving resilience, taking risks out of the country, and helping the economy recover after catastrophes.
“Lloyd’s, as the world’s specialist insurance and reinsurance market, can help to support and protect Colombia’s economic growth by sharing our risk insights and offering solutions to protect businesses and assets.”
Juan Carlos Realphe, Lloyd’s Colombia Country Manager, said:
“Lloyd’s has been an important provider of reinsurance solutions for complex and specialist risks to the Colombian market for many years, particularly in the property, energy, aviation, financial lines, liability and construction lines. The Lloyd’s market brings an innovative approach, specialist knowledge and strong financial security to pay claims and help businesses in Colombia and across Latin America.
“I am delighted to be opening the office today and welcoming Advent and soon Brit, and I look forward to having more Lloyd’s insurers joining us on the platform in time. Lloyd’s increased presence in Colombia will contribute to the development of a more diverse reinsurance market, increase insurance penetration and support the future growth of the Colombian economy.”
Lloyd’s is also licensed to provide cross-border Marine, Aviation and Transport insurance.