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Lloyd's launches expanded underwriting platform in Singapore as business grows
SPECIALIST insurance and reinsurance market, Lloyd's, has launched its new expanded specialist underwriting platform in Singapore, as it looks to grow its business in the Asia-Pacific.
Since 2009, premium income from Asia has grown 170 per cent, with more than 90 per cent of that coming from regional markets outside Singapore.
Data from the Monetary Authority of Singapore (MAS) showed that Lloyd's is the largest provider of off-shore insurance premium income here.
Lloyd's syndicates write local and offshore business from Singapore through the establishment of local service companies.
The Singapore platform now has 20 service companies with 24 syndicates and some 380 staff, making it Lloyd's largest hub outside London.
The 20 Lloyd's businesses trading in the CapitaGreen building include recent entrants Antares and Standard, as well as Amlin, Tokio Marine Kiln and XL Catlin.
In April, MAS gave the green light for Lloyd's Asia service companies to sub-delegate their underwriting authority to insurance intermediaries (coverholders), both within Singapore and overseas.
This has enabled Lloyd's to further develop its distribution network and strengthen its ability to offer clients specialist insurance coverage in the region.
Lloyd's Asia platform opened in 1999.