Lloyd's in Mexico
Lloyd's underwriters are permitted to write reinsurance in or from Mexico
Lloyd's is registered as a foreign reinsurer (Registration Number: RGRE-001-85-300001).
Under the present licencing structure Lloyd's underwriters are not licenced to write insurance in or from Mexico*
Lloyd’s premiums were approximately USD 329m from Mexico in 2010. 95% of written business from Mexico is coming via reinsurance with over 90% of Lloyd’s overall business being Facultative.
Key classes of business to Lloyd’s are Property, Marine, Aviation and Energy.
Where the risk has been declined by the local market and a placement with a non-admitted insurer has been specifically approved by the Commission Nacional de Seguros y Fianzas (CNSF). Underwriters who wish to accept insurance business of this type need to ensure that the appropriate authorisation has been granted by CNSF. For more detailed advice and information, refer to the Mexican Insurance Law (Ley General de Instituciones y Sociedades Mutualistas de Seguros).
Imports do not have to be insured with a Mexican insurer whilst the title to the goods remains with the overseas exporter. As soon as the title changes to the Mexican importer, for example at the port of discharge, then the policy must be issued by an authorised Mexican insurer.