Lloyd's announced it will open a representative office in Russia next year.
Lloyd's said having a dedicated country manager will enable it to better understand and explore opportunities in the Russian market; however, the office will not be a base for underwriting.
Lloyd's Russia is expected to open mid-2011 subject to regulatory approvals.
Over the past three years, Lloyd's said its premium income from Russia has increased from $108.4 million in 2007 to $167.5 million in 2009, ranking Russia second amongst the Brazil Russia India China (BRIC) economies, behind Brazil.
The major classes of business written as reinsurance from Russia are energy ($58 million), aviation ($54 million) and marine ($33 million), Lloyd's said.
Jose Ribeiro, director of International Markets at Lloyd's, said, “Now is the right time to develop a small presence in Moscow.”
“The new Russia country manager will be well placed to make informed decisions on behalf of the Lloyd's market as well as promoting and explaining it to local insurers and brokers,” he said.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
