Lloyd’s confirms plans for Dubai office
Lloyd’s of London has confirmed that it is in talks to open a representative office in Dubai.
Speculation has been mounting for days that the market has been exploring such a move, which would represent an important step for the market, which many believe needs to expand its reach globally.
The new office could replicate the model the market has followed with the launch of an office in Singapore.
The market has stressed, however, that although it has entered into discussions, any presence would be subject to regulatory approval.
“Following increased demand from the market for a Lloyd’s presence in the Middle East, Lloyd’s has entered into discussions with the Dubai International Financial Centre (DIFC) on opening a Lloyd’s representative office in the emirate,” a spokesperson told Intelligent Insurer. “Any Lloyd’s presence in Dubai will be subject to the approval of the Dubai Financial Services Authority (DFSA).”
Commentators have already welcomed the potential move, stressing that Lloyd’s success in Singapore proves there is demand for the market’s expertise in Asia.
“Lloyd’s needs to go to its markets, find out what they want and then work out ways of delivering it to them,” said William Stovin, chief operating officer of Markel International.
“It’s no good sitting in Lime Street waiting for the world to come to London. The Lloyd’s platform in Singapore has been a great success and we think it’s a good model to follow, so we are excited with the news about Dubai.”
