On September 1, 2024, Lloyd’s, a leading marketplace for insurance and reinsurance, announced this week that it will be opening a new office in Miami, Florida. This new location will help strengthen the company’s business operations in Latin America and the Caribbean.
As Latin America and the Caribbean are important and fast-growing sectors, Miami will serve as an ideal office location for Lloyd’s. Reinsurance is the primary business of Lloyd’s in Latin America and the Caribbean, so the Miami office will continue to support the market’s sustainable and profitable growth. By introducing a Miami office, Lloyd’s also seeks to realign its resources to centrally support brokers, cover holders, and managing agents throughout Spanish-speaking countries in the region. The office will serve as a hub for Spanish-speaking clients, as well as overall business in the Americas.
“I’m incredibly excited about the opportunities that our new Miami hub will offer Lloyd’s as we are able to work more closely with our market in Latin America and the Caribbean,” said Dawn Miller, the newly appointed Chief Commercial Officer of Lloyd’s and CEO of Lloyd’s Americas. “We’ll also be able to provide broader support across the US, particularly in Florida and other states in the Southeast, which will enable us to continue to serve our customers in the Americas, a region that accounts for nearly two-thirds of Lloyd’s premium.”
The company’s Miami-based location will focus on Latin America and the Caribbean markets from Miami to help align Lloyd’s operations in the Americas. Lloyd’s currently has three offices in the Americas in New York City, Rio de Janeiro, and Toronto. The new office in Miami will broaden the support and expertise Lloyd’s offers to its stakeholders and market participants while supporting the markets in the Latin American and Caribbean regions.
The Miami office is also expected to support market development across the United States. The excess and surplus lines (E&S) sector is continuing to grow across the country, and Lloyd’s believes that presents an opportunity to expand the Lloyd’s Academy and the Lloyd’s Lab innovation hub. The Lloyd’s Academy is an industry-leading commercial education platform for risk professionals, while the Lloyd’s Lab is an innovation hub created in conjunction with the award-winning InsurTech accelerator program. The Miami office will also support captive syndicates, multinational businesses, and new capital.
Lloyd’s is active in more than 200 territories, offering resources, capability, and insight to develop new and innovative products for customers in any industry. The company is made up of more than fifty leading insurance companies, over 380 registered brokers, and a global network of over 4,000 local cover holders. Lloyd’s works to build solutions for the most current and prevalent threats, with a thriving research community that provides cutting-edge insight on systemic risks from climate change and cybersecurity. The company is also the Chair of the Insurance Task Force for HM King Charles III’s Sustainable Market Initiative.
