The FINANCIAL — Lloyd’s, the world’s specialist insurance and reinsurance market, officially opened on November 3 its new expanded specialist underwriting platform in Singapore to provide tailored risk solutions across the Asia Pacific.
The Lloyd’s Asia platform in Singapore is the gateway to Asia Pacific for Lloyd’s and has achieved exceptional growth since opening in 1999. Lloyd’s Asia’s premium income has grown over 170% since 2009, with over 90% of that business coming from regional markets outside Singapore. According to figures from the Monetary Authority of Singapore, Lloyd’s is the largest provider of off-shore insurance premium income in Singapore.
Lloyd’s syndicates write local and offshore business from Singapore through the establishment of local service companies. Today the platform boasts 20 service companies with 24 syndicates and over 380 people, making it Lloyd’s largest hub outside London. Following MAS approval in April 2015, Lloyd’s Asia service companies are now authorised to sub-delegate their underwriting authority to insurance intermediaries (coverholders), both within Singapore and overseas, enabling Lloyd’s to further develop its distribution network and strengthen its ability to offer clients specialist insurance coverage in the region, according to Lloyd’s.
The 20 Lloyd’s businesses trading in the CapitaGreen building include – Allied World, Amlin, Antares, Argenta, Argo, Ascot, Atrium, Beazley, Canopius, Chaucer, CNA Hardy, Markel, NewLine, QBE, Standard, Starr, Talbot, Tokio Marine Kiln, Watkins, and XL Catlin.
Their specialist underwriters provide cover across a diverse range of risks including: energy, marine, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation, and contingency.
Lloyd’s Chief Executive Officer Inga Beale said:
“An important part of Lloyd’s Vision 2025 strategy is to expand our offering into developing and growth markets around the world. Having a local presence in Singapore has allowed us to build even stronger relationships and deeper risk insights in this important growth region.”
Kent Chaplin, Lloyd’s Head of Asia Pacific said:
“The move to larger offices marks an exciting new chapter for Lloyd’s as it continues to grow. Lloyd’s Asia’s rise as a regional insurance and reinsurance hub has been symbiotic with the emergence of Singapore as Asia’s insurance hub. By growing together, we have prospered together.”
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