Lloyd’s Chairman John Nelson said:
“This is a watershed moment in Lloyd’s international strategy. We have now cemented our access to the world’s largest, fast-growth economies, those most in need of the specialist insurance to protect their expanding asset base.
“Lloyd’s will bring expertise and specialist capacity to India’s insurance market and work in partnership with local insurance businesses to develop innovative solutions that meet the unique needs of the growing economy.
“Lloyd’s will help to share and develop expertise across the industry to position India as an international centre for insurance and reinsurance. A strong and diverse reinsurance market will de-risk the economy and enable its entrepreneurs and businesses to take risks and thrive.
“A local presence in India will bring Lloyd’s closer to clients and risks enhancing understanding and the ability to develop new solutions for the needs of the Indian market with a particular focus on agriculture, infrastructure and disaster management.”
Lloyd's is the world's specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licences. It is often the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks. Its strength lies in the diversity and expertise of the brokers and managing agents working at Lloyd’s, supported by capital from across the world. In 2017, more than 90 syndicates are underwriting insurance and reinsurance at Lloyd's, covering all lines of business from more than 200 countries and territories worldwide. Lloyd's is regulated by the Prudential Regulatory Authority and Financial Conduct Authority.