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Lloyd's has opened a new office in Casablanca Finance City (CFC) today to provide tailored risk solutions in North Africa.
Casablanca, 3 April 2018 – Lloyd’s office in Casablanca Finance City (CFC) was officially inaugurated today with Salah El-Kadiri as its General Representative.
Opening the office this evening, Lloyd’s CEO Inga Beale said:
“We are delighted to open our office in Morocco today as we believe that Africa is the next frontier for insurance. At Lloyd’s, we are determined to play a vital role in supporting economic growth and developing insurance markets in Africa. To achieve this, we will improve access to the Lloyd’s market and support capacity building across the continent. This will be vital for realizing sustainable development and building resilience for the future.”
“The opening of our Morocco office is a major step in this mutually beneficial journey”, she added.
Under CFC license, Lloyd’s managing agents can appoint coverholders and service companies established in the CFC to underwrite Moroccan and regional (re)insurance business on their behalf.
Lloyd’s will be able to provide specialist risk solutions for a range of risks including marine, aviation and other Moroccan risks where there are no solutions provided locally, and re-insurance of Moroccan risks and non-Moroccan risks (when permitted in the corresponding jurisdiction).
General Representative Salah El-Kadiri said:
“I am thrilled to represent Lloyd’s in its commitment to supporting the development of insurance markets in Africa. Lloyd’s innovative and flexible risk solutions will be essential to seize opportunities for building resilience and supporting growth with a rising population and expanding infrastructure and commerce across Africa.”
Amit Khilosia, Lloyd’s Regional Manager, Africa, said:
“Lloyd’s is honoured to partner with CFC, which is rapidly consolidating itself as a strategic hub for regional reinsurance. As a member of CFC’s thriving community, Lloyd’s is looking forward to providing innovative insurance solutions needed by the local market to propel further business expansion in the coming years.”
Saïd Ibrahimi, CEO of Casablanca Finance City said :
“The launch of Lloyd’s in Casablanca will undoubtedly bring more strength and credibility to insurance markets as well as solutions to our region that offers immense opportunities. Lloyd’s in Casablanca will help upscaling CFC’s ecosystem and open-up more perspectives for Africa.”