Lloyd’s of London is going to open a branch in Dubai, according to reports, which should be open by the fourth quarter of 2014.

Its new home will become the Dubai International Financial Centre (DIFC), according to Global Reinsurance. Lloyd’s plan to become a global hub for specialist insurance and reinsurance by 2025 is part of its ‘Vision 2025’.

As part of the vision, Lloyd’s wants the capital base of the Lloyd’s Market will be more diversified, with a greater contribution from the leading growth countries; and the Lloyd’s underwriting community will be truly internationalised with a substantial number of overseas nationals in the market.

It also plans to maximise the use of brokers’ international networks; and for Lloyd’s to have a small number of powerful overseas hubs in certain major overseas markets.