World’s oldest insurer beefs up its Middle East presence
Lloyd’s, founded in London in 1688, announced the official opening of a new specialist underwriting platform in Dubai to provide tailored risk solutions across the Middle East.
This brings the number of Lloyd's businesses trading in the Dubai International Financial Centre to nine – Amlin, Argo Re, Beazley, Catlin, Liberty, Markel, Talbot, Visionary, and Watkins – seven of which will be operating from the new Lloyd's platform in the DIFC.
The specialist underwriters in Dubai will provide cover across a diverse range of risks including: marine and energy, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation, and contingency.
Lloyd’s Director of International Markets, Vincent Vandendael said: “This is a significant day for Lloyd’s and our long term global strategy. After consultation with the market we decided to locate an office in Dubai’s prestigious Dubai International Financial Centre.
“An important part of Lloyd’s Vision 2025 strategy is to expand our presence into developing and growth markets around the world. While the London market is still the global hub for specialist insurance and reinsurance, it is important Lloyd’s continues to expand our global footprint, turning perceived threats into opportunities, and ensuring London stays global for future generations of underwriters and brokers.
“The Lloyd’s Dubai platform gives us a presence in the heart of the Middle East, allowing us to build even stronger relationships and deeper risk insights. This is an important region, with strong economic growth and rates of investment, but little insurance to protect that investment. Lloyd's can play an important role in de-risking this by providing innovative insurance solutions.”
His Excellency Essa Kazim, Governor of DIFC and Chairman of DIFC Authority Board of Directors said: “We are delighted to welcome Lloyd’s to the Dubai International Financial Centre today.”