The chief executive officer of Lloyd’s of London is in New York to meet with the heads of key US insurance firms about passing more business through its global insurance market.
John Neal, CEO of the 330-year-old insurance market, said meetings with American International Group (AIG) and Chubb Ltd are part of the firm’s strategy to shift geographic focus towards developed markets with strong growth potential following combined losses of $3.9 billion over the last two years.
According to Reuters, the US and Canada accounted for 51% of the insurance market’s business last year.
“We are talking to all of the big insurers here … to say, ‘How do you feel about the marketplace and what opportunities can we help you realize in the Lloyd’s marketplace?’” Neal told Reuters, adding that both AIG and Chubb are interested in the conversation.
Speaking to Reuters, Neal said that he sees growth potential in several US business lines – particularly around specialty insurance and professional lines. The global commercial, corporate, specialty insurance, and reinsurance business is worth $750 billion – and half of those premiums are in the United States, Neal said.
“So literally, one dollar in two of everything that would interest Lloyd’s underwriters is here,” he noted.