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Lloyd’s of London is ahead of the international expansion plan included in its Vision 2025 but traditional markets will remain a major income source for a while, as Intelligent Insurer finds out.
In its Vision 2025, Lloyd’s has stated that it wants to be the global centre for specialist insurance and reinsurance focused on specialist property and casualty business, which requires bespoke underwriting and broking. The market aims at being able to access all major international insurance markets, including emerging markets, through its global licence network.
According to the plan, the increase in premium income in the largest 10 developed economies will track or slightly exceed increases in non-life premium. In the largest 10 developing economies, Lloyd’s would at times expect growth to exceed non-life premium as the specialist risk sector develops and insurance penetration increases. Managing agents will actively attract business to Lloyd’s through brokers.
“The fact that Lloyd’s has a registered reinsurance business in Shanghai is potentially hugely attractive to any given opportunity.” Iain Bremner, Barbican Managing Agency
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Lloyd's, John Nelson, North America, China, Latin America, Iain Bremner, Growth