Lloyd’s, a leading global re/insurance marketplace, is set to expand its presence in Latin America and the Caribbean with the opening of a new office in Miami. The new hub, scheduled to open on 1 September 2024, will provide centralized support to brokers, coverholders, and managing agents in Spanish-speaking Latin America and the Caribbean. This move will establish another key location in the Americas to serve overall business in the region.
The US market has been experiencing steady growth, making it an attractive opportunity for Lloyd’s to expand its operations. The introduction of the Miami office will provide increased support for stakeholders and market participants in the excess and surplus lines (E&S) sector. Additionally, there are opportunities to grow initiatives such as the Lloyd’s Academy and Lloyd’s Lab innovation hub, as well as support captive syndicates, multinational businesses, and new capital.
Latin America and the Caribbean are significant markets for Lloyd’s, contributing 4.6% of gross written premiums in 2023 or $2.7 billion. In Latin America alone, reinsurance accounts for over 93% of Lloyd’s business while it represents only 21% in the Caribbean region. Opening up a Miami office is expected to streamline operations across four existing offices in New York, Miami, Rio de Janeiro (Brazil), and Toronto by providing more centralized support to stakeholders and market participants in Spanish-speaking countries of Latin America and the Caribbean.
Dawn Miller, who was recently appointed as Chief Commercial Officer at Lloyd’s Americas as well as CEO of Lloyd’s Americas expressed her excitement about this new venture stating that it would facilitate closer collaboration with stakeholders in Latin America and increase broader support across other parts of US especially Florida and Southeastern states which would enable them continue serving customers effectively contributing nearly two thirds of their premium revenue from this region that saw an increase of 14.5% last year accounting for around 4.6%
