14/07/2003 14:09
LLOYD'S of London has drawn up a road map for global expansion, targeting growth in Europe and Asia as it aims to extend power bases in Britain and America.
The 315-year-old insurance market operates in 60 nations, underwriting from London and relying on representative offices and third party distribution.
Last year, Lloyd's global gross premium income increased by 21pc to pounds 13.2 billion, including pounds 4.6 billion in the US and pounds 3.3 billion in Britain, helped by increased premiums in the wake of the payouts for September 11.
Lloyd's wants to build up its activities in other territories. In western, northern and Mediterranean Europe, Lloyd's achieved income of pounds 1.7 billion last year.
This was 25pc up on the previous year and in European Union countries Lloyd's achieved growth of 81pc in aviation insurance income, 46pc in liability and 29pc in marine.
Lloyd's believes there is plenty of room for more growth, particularly in Italy, where it has offices in Milan.
In central and eastern Europe, Lloyd's wants to increase gross premium income from last year's pounds 37m.
It is targeting the 10 countries that are scheduled to join the European Union next year, applying to obtain "establishment licences" in Cyprus and Malta that allow it to write insurance as if it were a local operator.
In Poland, the Czech Republic, Hungary, Slovakia, Slovenia, Estonia, Latvia and Lithuania, Lloyd's is applying for "freedom of services licences", allowing it to issue cover from London.
In Asia, where gross premium income rose 39pc to pounds 562m last year, Lloyd's is experiencing strong growth in Hong Kong and Singapore, and is attempting to gain a licence to write reinsurance cover in China.
Director of worldwide markets Julian James said expansion was a priority of Lord Levene, who succeeded Sax Riley as chairman last year.
He said: "We have got Lord Levene in place at a time when markets are very good. Sax Riley was leading the chairman's strategy group and that took up a lot of his time. Lord Levene has come in with a clean sheet."
The 315-year-old insurance market operates in 60 nations, underwriting from London and relying on representative offices and third party distribution.
Last year, Lloyd's global gross premium income increased by 21pc to pounds 13.2 billion, including pounds 4.6 billion in the US and pounds 3.3 billion in Britain, helped by increased premiums in the wake of the payouts for September 11.
Lloyd's wants to build up its activities in other territories. In western, northern and Mediterranean Europe, Lloyd's achieved income of pounds 1.7 billion last year.
This was 25pc up on the previous year and in European Union countries Lloyd's achieved growth of 81pc in aviation insurance income, 46pc in liability and 29pc in marine.
Lloyd's believes there is plenty of room for more growth, particularly in Italy, where it has offices in Milan.
In central and eastern Europe, Lloyd's wants to increase gross premium income from last year's pounds 37m.
It is targeting the 10 countries that are scheduled to join the European Union next year, applying to obtain "establishment licences" in Cyprus and Malta that allow it to write insurance as if it were a local operator.
In Poland, the Czech Republic, Hungary, Slovakia, Slovenia, Estonia, Latvia and Lithuania, Lloyd's is applying for "freedom of services licences", allowing it to issue cover from London.
In Asia, where gross premium income rose 39pc to pounds 562m last year, Lloyd's is experiencing strong growth in Hong Kong and Singapore, and is attempting to gain a licence to write reinsurance cover in China.
Director of worldwide markets Julian James said expansion was a priority of Lord Levene, who succeeded Sax Riley as chairman last year.
He said: "We have got Lord Levene in place at a time when markets are very good. Sax Riley was leading the chairman's strategy group and that took up a lot of his time. Lord Levene has come in with a clean sheet."
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