Lloyd’s has officially opened its latest Asia Pacific office in Singapore in a bid to aid expansion across the region.
The offices are designed to capitalise on the 170% growth in premium income Lloyd’s has experienced in the region since 2009 and the company’s Asia platform in Singapore represents the “gateway to Asia Pacific,” the company said in a statement.
With 20 service companies, 24 syndicates and over 380 staff, the Singapore hub is the largest Lloyd’s presence outside of London as the company is the largest provider of off-shore insurance premium income in Singapore.
Chief executive officer of Lloyd’s,
Inga Beale, said that the move represents an important step in the global strategy of the company.
“An important part of Lloyd’s Vision 2025 strategy is to expand our offering into developing and growth markets around the world,” Beale said.
"Having a local presence in Singapore has allowed us to build even stronger relationships and deeper risk insights in this important growth region.”
Kent Chaplin, Lloyd’s head of Asia Pacific, noted that the move to larger offices shows the ambition of both the region and the business.
“The move to larger offices marks an exciting new chapter for Lloyd’s as it continues to grow. Lloyd’s rise as a regional insurance and reinsurance hub for the region has been symbiotic with the emergence of Singapore as Asia’s insurance hub.
“By growing together, we have prospered together,” Chaplin continued.
