Lloyd's receives reinsurance licence in Nicaragua
Lloyd’s of London has been granted a licence as a foreign reinsurer in Nicaragua by the country's insurance regulator Superintendencia de Bancos y Otras Instituciones Financieras (SIBOIF).
The licence enables Lloyd’s underwriters and Lloyd’s coverholders to carry out reinsurance business in accordance with the country’s regulations on reinsurance, fronting and co-insurance for Nicaragua, the corporation announced in a statement issued on March 28, 2017.
In addition, the new Lloyd’s authorisation allows for the appointment of local coverholders in Nicaragua. Furthermore, the coverholders can now conduct business under Lloyd’s licence without registering individually, which was previously a mandate by SIBOIF in order to bind Nicaraguan business.
"In order to gain the most efficient access possible, Lloyd’s has continued to work with the regulator to seek the ability for coverholders to conduct business under Lloyd’s licence, without the need for individual registration," Lloyd's said in the statement.
The corporation had initially announced the approval from the Nicaraguan regulator in February.
Today’s top stories
Alleghany’s investments will steer it through hard market, says president
Sompo launches global re/insurance base in Bermuda as it completes Endurance takeover
Insurers’ Brexit preparations gain momentum
First insurer launched in US providing run-off portfolio transfer
Chaucer hires senior exec from HDI Global to grow US general liability
AIG hires CEO of former subsidiary United Guaranty Corporation
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
