Lloyd’s, a global re/insurance marketplace, is set to open a new office in Miami to strengthen its business in Latin America and the Caribbean. The office will open on September 1, 2024, and will support brokers, coverholders, and managing agents in Spanish-speaking Latin America and the Caribbean. This move comes after Latin America and the Caribbean accounted for 4.6% of Lloyd’s gross written premium in 2023, which amounted to USD $2.7 billion.
The majority of Lloyd’s business in Latin America is reinsurance (93.6%), while reinsurance accounts for 21% in the Caribbean. With this expansion into Miami, Lloyd’s aims to provide more support and expertise to its stakeholders, particularly in the excess and surplus lines (E&S) sector. The office will also facilitate the growth of the Lloyd’s Academy and Lloyd’s Lab innovation hub, as well as support captive syndicates, multinational business, and new capital.
Dawn Miller, Lloyd’s Chief Commercial Officer and CEO of Lloyd’s Americas expressed her excitement about the opportunities that the Miami hub will offer. She said that it would enable closer collaboration with the market in Latin America and the Caribbean while providing support across the US particularly in Florida and other states in Southeast. She also mentioned that Latin America saw a 14.5% increase in premium year-over-year in 2023 alone making it a significant market for Lloyd’s.
Lloyd’s has four offices already established across North America including New York, Rio de Janeiro
