London-headquartered global insurance marketplace Lloyd’s is opening an office in Miami in September.
The move is aimed at bolstering the marketplace’s Latin America and Caribbean business while continuing to support growth in the Americas. Lloyd’s noted that the Latin America and Caribbean segment contributed US$2.7 billion in gross written premium (GWP) in 2023, representing 4.6% of the Lloyd’s GWP pie.
According to the announcement, the establishment of the Miami office will enable Lloyd’s to streamline its resources to better support brokers, coverholders, and managing agents across Spanish-speaking Latin America and the Caribbean. Additionally, it creates another hub in the Americas for enhanced service.
“Concentrating Latin America and Caribbean market development activity from Miami will align Lloyd’s operations in the Americas across four offices in New York, Miami, Rio de Janeiro, and Toronto; broadening the support and expertise Lloyd’s offers to its stakeholders and market participants, while supporting the market’s ambitions in the region,” Lloyd’s said.
“The Miami office will also support market development across the US, where the excess and surplus lines sector continues to grow, and there are opportunities to expand the Lloyd’s Academy and Lloyd’s Lab innovation hub, as well as support captive syndicates, multinational business, and new capital.”
Similarly, Lloyd’s chief commercial officer and Americas chief executive Dawn Miller highlighted the benefits of the new premises opening on September 1.
“I’m incredibly excited about the opportunities that our new Miami hub will offer Lloyd’s as we are able to work more closely with our market in Latin America and the Caribbean,” she commented.
“We’ll also be able to provide broader support across the US, particularly in Florida and other states in the Southeast, which will enable us to continue to serve our customers in the Americas, a region that accounts for nearly two-thirds of Lloyd’s premium.”
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