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Lloyd’s signs co-op agreement with DFSA

UAE Business

Lloyd’s, a global leader in specialist insurance and reinsurance market, has marked its first year in Dubai by signing a framework for co-operation with the Dubai Financial Services Authority (DFSA).

It is aimed at promoting and enhancing effective supervision through the sharing of information between the two with respect to Lloyd’s business conducted by syndicate service companies and other coverholders in the Dubai International Financial Centre (DIFC), stated Lloyd’s chairman John Nelson after signing the framework with DFSA chief executive Ian Johnston.
In March last year, Lloyd’s established a specialist underwriting platform in Dubai to access business from the Middle East and North Africa (Mena) region. There are currently 10 Lloyd’s syndicate service companies and two coverholders in the DIFC writing specialist reinsurance business from across the region.

The agreement recognises the common interest between the DFSA and the Society of Lloyd’s in seeking to ensure that Lloyd’s syndicate service companies and other coverholders conduct their business properly and effectively.

The DFSA is responsible for the supervision and regulation of Lloyd’s businesses in the DIFC, while Lloyd’s has statutory and supervisory powers relating to the Lloyd’s market participants who appoint the syndicate service companies and coverholders.

"This Framework for Co-operation recognises the responsibilities and common interests between Lloyd’s and the DFSA in ensuring the business of Lloyd’s syndicate service companies and other coverholders in the DIFC is appropriately conducted and supervised," remarked Nelson.

"The Lloyd’s market has evolved over 328 years and in doing so we have developed a robust and tested framework for monitoring the syndicates and business within the market and sharing our intelligence and insights with regulatory bodies," he stated.

“We are delighted to mark the first anniversary of the Lloyd’s Dubai platform. The presence of the Lloyd’s underwriting community in the DIFC allows us to build stronger relationships and deeper risk insights across the region and we are seeing promising business growth as a result of this investment,” he added.

Lloyd’s market participants provide tailored reinsurance cover for a diverse range of risks in the Middle East, including marine and energy, property, construction and engineering, terrorism, political risk and trade credit, casualty, personal accident, professional and financial risks, aviation, and contingency.-TradeArabia News Service

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