15 May 2014 Insurance

Lloyd’s secures new trading rights

Lloyd’s has secured new and improved trading rights in Poland, Denmark, Sweden, Colombia and the US state of Kentucky as part of its long term international strategy.

Lloyd’s underwriters are now authorised to write term-life insurance through coverholders and service companies in Poland, Denmark and Sweden.

In Kentucky, legislation has been passed that means Lloyd’s will have surplus lines eligibility in all 50 US states from July, and in Colombia, Lloyd’s are now licensed for cross-border marine, aviation and transport (MAT) business. This will provide greater international opportunities for underwriters and brokers, said Lloyd’s.

Vincent Vandendael, international markets director, said: “Securing these trading rights is a result of Lloyd’s responding to demand from the market and more importantly, working successfully with the market and the LMA. The market’s collaboration was crucial in securing the PRA’s comfort with a number of modifications to their standard requirements for the life licences.

“This should be seen as a further step towards delivering our long term international strategy: Vision 2025.”

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