Two Lloyd’s insurers - Advent and Brit – are represented on the Lloyd’s Colombia platform, alongside the Lloyd’s representative office.

The new office, led by Lloyd’s first Colombian General Representative Juan Carlos Realphe, will focus on building trading relationships in the fast growing Latin American market.

John Nelson, Lloyd’s Chairman, said “Colombia is an important part of Lloyd’s future growth strategy, both as a fast-growth market and as a gateway to Latin America, and I am delighted to be opening our office.

“Colombia is a growing economy which is making significant investments for the future. However, insurance penetration is one of the lowest in Latin America, at only 1.6% of GDP.

“As Colombia realises its economic potential, insurance and reinsurance can play a key role in supporting this economic growth by improving resilience, taking risks out of the country, and helping the economy recover after catastrophes.

As part of Nelson’s visit, a meeting was held with Colombian President Santos and Minister of Finance Mauricio Cárdenas at the Presidential Palace in Bogota.

Nelson, President Santos and Minister Cárdenas spoke about Colombia’s economic and political transformation over the past decade, and the role that (re)insurance can play in supporting and protecting the country’s long-term growth.

At a Lloyd’s launch event attended by Colombian insurance industry professionals, Nelson highlighted the Government’s “4G” infrastructure project that will see the construction of 8,000 kilometres of roadway and 3,500 kilometres of four-lane highways.

Nelson said, “The 4G project should provide a real boost to the economy, and drive increased growth next year and beyond. And with the Government’s commitment to increase Colombia’s competitiveness, this country will remain on its current upwards trajectory. So there is a real sense of global confidence in Colombia’s future.

“By helping to protect national economic growth; by supporting Colombian businesses as they expand into new markets; by leveraging our world-class brand; by bringing our underwriting expertise, innovation and financial strength to help attract new business into the Colombian economy – we think we can add real value that will benefit the country as a whole."