This content is not available in your region

Lloyd's of London sees rush of 'syndicate-in-a-box' applications - CEO

Access to the comments Comments
By Reuters
Lloyd's of London sees rush of 'syndicate-in-a-box' applications - CEO
A man works at a desk in the Lloyd's of London building in the City of London financial district in London, Britain, April 16, 2019. Picture taken April 16, 2019. REUTERS/Hannah McKay   -   Copyright  Hannah McKay(Reuters)

LONDON (Reuters) – Lloyd’s of London <SOLYD.UL> has received 80 applications from firms seeking to set up cost-efficient remote syndicates, its Chief Executive John Neal told a conference on Tuesday.

The British insurance market, which comprises 99 members and focuses on large commercial insurance, is offering syndicates the ability to set up without a physical presence at its City of London base, under wide-ranging plans to modernise its 330-year old business.

Lloyd’s said in September that reinsurance group Munich Re, which already has a presence at Lloyd’s, was setting up the first remote “syndicate-in-a-box” to focus on newer insurance areas including renewable energy.

(Reporting by Carolyn Cohn, writing by Sinead Cruise, editing by Iain Withers)