Commercial insurance house RSA said Tuesday that it will take ten desks in the Lloyd’s building to help develop and grow its London market wholesale business.
The move will also give RSA potential access an additional £23bn of London market business.
Jon Hancock, managing director of RSA UK commercial, said that the move was triggered by feedback from brokers, although the company intends to keep its existing trading site at Fenchurch Street, London as well.
“Our underwriters will be available across the two locations,” he said. “This significant move underscores our commitment to be closer to our brokers by expanding our footprint to make it easier to trade with us.”
Hancock said that RSA’s international wholesale business has grown significantly over the last few years and a presence in the Lloyd’s building will further help achieve profitable growth, while giving the company a better spread in its distribution model, which includes e-trading and regional trading sites.
RSA underwriters will be in residence at Lloyd’s from January 25 to write, from both a lead and follow line position, all classes of marine (including hull, transportation and cargo), property, construction, engineering, power, renewable energy, accident and health and financial risks.
