Lloyd’s opening will grow MENA business, says Markel president

The president of Markel International, William Stovin, says that business in the MENA region will grow for the re/insurer following the opening of the Lloyd’s platform today.

The operation in the Dubai International Financial Centre (DIFC) will be headed by Lloyd’s country manager, Mark Cooper.

“We already generate significant business from the MENA region and we are expecting that to grow on the back of the Lloyd’s brand and presence,” said Stovin.

“The Singapore platform showed us that local markets really do generate business from their region, which would otherwise just remain in that region. The local distribution architecture is important in this. In Dubai, not only do you have a strong and established presence of the major international brokers, there is also a vibrant local broking community, which may well have access to clients with a different set of profiles to those looked after by the big brokers. People are worried that winning business off the Lloyd’s platforms is a zero sum game. It’s not.

Stovin said that Markel will initially focus on credit business, keeping an eye on other classes that might be of interest.