Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has announced the opening of a new office in Miami on 1 September 2024.
This strategic move aims to strengthen its Latin America and Caribbean business and continue supporting the market’s sustainable and profitable growth in the Americas.
The decision to open a new office is driven by the importance and rapid growth of the Latin America and Caribbean region for Lloyd’s. In 2023, this region accounted for 4.6% of Lloyd’s gross written premium, amounting to $2.7bn.
Lloyd’s, renowned for its comprehensive insurance and reinsurance marketplace, offers a platform for risk management and underwriting expertise.
The company’s operations span globally, providing a unique space for brokers, coverholders, and managing agents to engage with diverse markets.
The new Miami office will enable Lloyd’s to realign its resources to centrally support brokers, coverholders, and managing agents throughout Spanish-speaking Latin America and the Caribbean. Additionally, it will serve as another hub in the Americas to enhance services across the region.
This expansion aligns Lloyd’s operations in the Americas, integrating the new Miami office with existing offices in New York, Rio de Janeiro, and Toronto.
This strategic alignment aims to broaden the support and expertise offered to stakeholders and market participants, furthering the market’s ambitions in the region.
Moreover, the Miami office will support market development across the US, particularly in the excess and surplus lines (E&S) sector. It will also provide opportunities to expand the Lloyd’s Academy, an industry-leading commercial education platform for risk professionals, and the Lloyd’s Lab innovation hub, which features an award-winning InsurTech accelerator programme. The office will support captive syndicates, multinational business, and attract new capital.
Dawn Miller, newly appointed chief commercial officer of Lloyd’s and CEO of Lloyd’s Americas, said, “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. 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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