Lloyd’s Americas’ Lipman optimistic on Latin America growth via new Miami hub

By Chris Munro

Feb 13 - (The Insurer) - Lloyd’s of London is “incredibly optimistic” about the growth opportunities its newly opened Miami office will present as the market continues to build out its $3bn-plus book of Latin American business.

Last June, Lloyd’s announced that it would open a new office in Miami on 1 September 2024. At the time, Lloyd's said the new office would “strengthen its Latin America and Caribbean business and continue to support the market’s sustainable and profitable growth in the Americas”.

And on Wednesday during Miami Reinsurance Week, Lloyd’s hosted an event to showcase some of its offerings, with 25 different brokers, syndicates and coverholders setting out their stall.

During the event, the Corporation’s newly appointed Americas president Marc Lipman said Latin America “is an important and growing market for Lloyd’s”.

“Miami as the hub for underwriting and negotiating that business has become instrumental,” Lipman declared.

Lipman noted that in 2023, Lloyd’s generated more than $3bn of premium volume from Latin America and the Caribbean.

“We're incredibly grateful for that, and we're incredibly optimistic that will only continue to grow,” he declared.

That push to grow the amount of business Lloyd’s generates from Latin America is “principally why we opened the office this past September in Miami”, said Lipman.

“It was to make sure that Lloyds was promptly engaging with all of you,” Lipman told attendees at the event.

“Miami has become such an important hub, really one of the leading hubs for reinsurance and insurance around the world, and we're incredibly pleased to be here,” Lipman added.

When launching the new Miami office last year, Lloyd’s said the platform would enable it to realign its resources to centrally support brokers, coverholders and managing agents throughout Spanish-speaking Latin America and the Caribbean.

It also creates another hub in the Americas to service overall business in the region, Lloyd’s explained.

“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 (Brazil) 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 at the time.

The market also said the Miami office will support its development across the US, notably in the E&S sector within which Lloyd’s and its syndicates play a leading role.

“There are opportunities to expand the Lloyd’s Academy (industry-leading commercial education platform for risk professionals), and Lloyd’s Lab innovation hub (with award-winning insurtech accelerator programme), as well as support captive syndicates, multinational business, and new capital,” it added.