U.S. Now Largest Lloyd’s Market

The latest figures from Lloyd’s of London show that “for the first time in its 300-year history, the United States has become the British insurer’s largest single market.”

Gross premiums from the U.S. amounted to $5.9 billion accounting for 35 percent of Lloyd’s revenues in the year 2000, while the U.K. generated 34 percent. Lloyd’s third largest market is Europe, which accounted for 13 percent of revenues, and the rest of the Americas, including Canada, 5 percent.

Wendy Baker, president of Lloyd’s U.S. operations observed that, “The US has been a huge market for us since the 1850’s, and these new figures represent an almost inevitable outcome. The US is the world’s largest economy and Lloyd’s is the world’s largest specialist insurance market. It’s natural that the two get together this way. I wouldn’t be surprised if the US represented 50% of our business by 2005.”