Lloyd’s secures Portuguese establishment licence
by Gill Montia
Story link: Lloyd’s secures Portuguese establishment licence
Lloyd’s of London has been granted an establishment licence in Portugal in a move that will allow Lloyd’s underwriters to appoint coverholders to write establishment business in the region.
A branch has already been set up in the country, with Juan Arsuaga appointed as Lloyd’s General Representative, in addition to his post as managing director of Lloyd’s Iberia.
Commenting on the development, the group’s director of international markets, Jose Ribeiro, says the Portuguese licence allows Lloyd’s to further develop its presence in Europe, adding that Mr Arsuaga has had great success in building Lloyd’s business in Spain and that he will be equally successful in Portugal.
Plans for a Lloyd’s delegation, including Chairman Lord Levene, to visit Lisbon and meet with members of the Portuguese insurance industry, are already in hand.
The country is Europe’s ninth-largest domestic non-life market, with Lloyd’s writing £17.6 million of non-life gross premiums in 2008.