Lloyd’s opens Dublin office

by David Masters

Story link: Lloyd’s opens Dublin office

Lloyd’s of London this week opened a Dublin office and expressed its “optimism” for the future of the Irish economy.

“The opening of our first permanent office in Dublin marks the beginning of a new and exciting chapter for Lloyd’s in Ireland,” said Lloyd’s chairman Lord Peter Levene.

“Despite the undoubted pressures on the Irish economy, and not forgetting the wider global economy, we are very optimistic about the future for Lloyd’s in Ireland, and indeed for the financial services sector here.”

Ireland’s insurance and reinsurance market continues to “punch well above its weight”, Levene added.

“It’s a good market for us. Our aim is to build on the business we have here.”

Ireland is Lloyd’s 12th largest source of revenue, generating £136 million of premiums last year, 70% through direct insurance and 30% through reinsurance.

The opening of the new office follows the appointment in November of Lloyd’s first general manager for Ireland.

Irish commercial and public bodies insured by Lloyd’s include the GAA, CIE, and Ryanair.