SINGAPORE - British insurance giant Lloyd's of London on Wednesday (Nov 4) officially opened its new expanded offices in Singapore - now its largest hub outside its UK home.
The offices, which are located in CapitaGreen in the Central Business District, will house Lloyd's specialist insurance underwriting platform in Singapore, which provides risk solutions across the Asia-Pacific.
According to figures from the Monetary Authority of Singapore, Lloyd's is the largest provider of offshore insurance in Singapore.
Its platform here now hosts 20 service companies with 24 syndicates and over 380 people.
Following MAS approval in April, Lloyd's Asia service companies are now authorised to sub-delegate their underwriting authority to insurance intermediaries, both within Singapore and overseas.
Said Lloyd's chief executive officer Inga Beale: "Having a local presence in Singapore has allowed us to build even stronger relationships and deeper risk insights in this important growth region."
Its syndicates in the expanded office will provide cover across a diverse range of risks. These include energy, marine, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation, and contingency.
Lloyd's said its Asia premium income has grown by over 170 per cent since 2009, with over 90 per cent of that business coming from regional markets outside Singapore.