Lloyd's of London

Lloyd's of London applies to open up in Malaysia

Lloyd's of London plans to apply for an onshore reinsurance licence and open an office in Malaysia, as part of its push into emerging markets. The licence application follows confirmation from the British and Malaysian governments. It is also targeting the Islamic insurance market. Lloyd's chairman John Nelson said around $130 million in business was written for Malaysia, but said an onshore presence would likely enable that figure to grow, without giving a target. Lloyd's said the licence is an opportunity to develop its marine, energy, construction, engineering and liability business, as well as introduce new products to the market.

Lloyd's of London 'in talks with regulators' to open Malaysian Islamic insurance office

Lloyd's is in talks with market regulators in Malaysia to set up an office dedicated to takaful. The planned office will also enable Lloyd's to target Saudi Arabia and the United Arab Emirates, which together with Malaysia are the largest global markets for Islamic insurance, the marketplace's director of global markets, Vincent Vandendael, said. Lloyd's opened an office in the Dubai International Finance Centre (DIFC) earlier this year. Lloyd's has historically provided cross-border reinsurance in Malaysia as a foreign reinsurer, but also has a 'tier 2' licence allowing its syndicates to set up service companies in the Labuan International Business and Financial Centre (IBFC).

Lloyd's of London targets Islamic insurance market

Lloyd's of London has set its sights on Islamic insurance to strengthen its push into emerging markets and is in talks with regulators to set up shop in Malaysia. The plans are part of the venerable London insurance market's strategy to expand in fast-growing regions where insurance penetration remains low. It has already opened an office in Dubai's financial free zone and is a founding member of the Islamic Insurance Association of London (IIAL) being launched this month. The body is designed to support participants that want to develop Islamic products while ensuring common principles are used. Lloyd's currently has nine managing agents in its Dubai office, with plans for as many as 12 firms by the end of the year.

Lloyd's of London consider Takaful syndicate

Cecilia Valente reported on Reuters that Lloyd's of London is examining the viability of an Islamic reinsurance, or takaful, syndicate with interested parties planning capacity of up to GBP 200 mn (USD 294.5 mn) according to
Mohammad Khan, director for takaful at PwC. A previous syndicate in 2006, Creechurch Underwriting Limited , did not underwrite ultimately because the firm was taken over.

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