Patrick Tiernan, chief of markets at Lloyd's, recently spoke with IBTV about Canada's relationship with the renowned insurance marketplace.
In the interview, Tiernan unpacked the factors contributing to this thriving partnership, as he pointed out that Lloyd's is one of the largest capacity providers to the Canadian commercial market.
"We punch above our weight here," he said. "Our penetration in the Canadian market is stronger than it is anywhere else in the world."
Tiernan stressed the partnership's value and said Lloyd's is eager to strengthen this link through open dialogue, a shared understanding of emerging threats, and a mutual alignment of interests throughout the insurance value chain.
"The relationship is growing really well," he added. "I think 23% last year, positive growth again this year. And we hope to be here to innovate and solve complex problems with all of our markets here in Canada. So, we're open for business. We love working with the Canadians."
When asked about what makes Canada a substantial market for Lloyd's, Tiernan pointed to the country's complexity and the need for specialized insurance solutions.
"Canada is a complex market," he said. "It's got a lot of specialty, just by the industries that Canada is strong in. It's got a lot of difficult weather, and it's got a lot of complex casualty risks."
According to Tiernan, this complexity requires a high degree of structuring and intelligence. He said Lloyd's and Canadian insurers enjoy collaboratively working on these challenges.
"Lloyds is so closely woven into the fabric of the Canadian risk market," he added. "The muscle memory is very strong in the businesses, and the relationships go back a long way."
Hear more of Patrick Tiernan's insights about the relationship between Lloyd's and the Canadian insurance market by watching the full IBTV interview.
