26 May 2016 Insurance

LMG and UKTI promote London market with new publication

The London Market Group (LMG) and UK Trade and Investment (UKTI), a government department, which helps to support UK plc overseas, have released a publication designed to help promote the London re/insurance market internationally.

The two organisations also hope the publication, ‘Britain is Great – the London Market’, will open up new business opportunities and attract global capital and talent.

This document is the beginning of co-operation between industry and government on initiatives to help promote the London insurance market around the world, according to LMG.

It contains messages on the importance of the London Market to the UK economy, and provides an overview of the market, its unique aspects and benefits.

The publication will be used by British embassies and diplomatic missions to educate and inform about the market’s position as a global re/insurance hub around the world. It will be translated into key languages such as Spanish and Mandarin.

Harriett Baldwin, Economic Secretary to the Treasury and City Minister, said: “London is the world’s leading financial centre and Britain’s world-leading specialist insurance and reinsurance sector is a key part of its success.

“The London Market employs almost 50,000 people and, in my eyes, is a cornerstone of the financial services expertise of the UK. That is why I am delighted to lend my support to this excellent report which highlights the unique strengths and capabilities of the London Market for an international audience.”

Nicolas Aubert, chairman of the LMG and head of Great Britain for Willis Towers Watson, added: “Our role is to build and maintain London’s position as the centre of excellence for specialist commercial insurance and reinsurance around the world. We are delighted to have worked with the UKTI on this project to tell the London Market story more widely.

“This publication offers a comprehensive overview of the market, and we hope it will assist UK officials to promote our unique market to potential employees, international buyers of, and investors in, insurance and reinsurance.”

He continued: “Even though we are based in the UK, London is a truly international market – employing many nationalities and doing business with hundreds of countries across the globe. We want attract the brightest and the best from around the world to help us offer the best risk solutions possible – making London the insurance market for the 21st century.”

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