Morocco: New trading rights in Casablanca Finance City

Lloyd’s has secured new trading rights for the market in North Africa. The Casablanca Finance City Authority (CFCA) of Casablanca Finance City (CFC), an economic and financial hub created in Morocco, has granted CFC Status to Lloyd’s. Managing agents are now permitted to appoint service companies and coverholders in CFC to underwrite Moroccan and regional (re)insurance business on their behalf.

This new market access allows coverholders and service companies in CFC to underwrite:

• marine, aviation and other specialist insurance of Moroccan risks where cover cannot be found locally, subject to prior approval of the ACAPS (Morocco insurance regulator) on a case by case basis;
• (re)insurance of non-Moroccan risks, subject to any restrictions governing the (re)insurance of the risk in the jurisdiction in which that risk is situated;
• reinsurance of Moroccan risks.

Lloyd’s has appointed Mr Salah El-Kadiri as a part-time General Representative in Lloyd’s Casablanca. Salah has 35 years of experience in underwriting, broking and reinsurance management in North Africa and the Middle East regions. He will promote the availability of specialist capacity and expertise in the Lloyd’s market to local businesses, brokers and insurers.

For further information about the new trading rights and the contact details of Lloyd’s Casablanca General Representative please see Crystal.

Further information

If you have any queries relating to this article, please contact Lloyd’s International Trading Advice.