Lloyd’s Licensed in Portugal

Lloyd’s of London has received an establishment license in Portugal.

“The license will allow Lloyd’s underwriters to appoint coverholders to write establishment business in the region. Lloyd’s has now established a branch in Portugal and appointed Juan Arsuaga as Lloyd’s General Representative,” said the bulletin. Arsuaga is also Lloyd’s Managing Director of Lloyd’s Iberia.

Jose Ribeiro, Director, International Markets, commented: “I am very pleased that we have received an establishment license in Portugal and can further develop our presence in Europe. Juan has had great success in building Lloyd’s business in Spain and I’m confident that he will be equally successful in Portugal.”

Portugal is Europe’s ninth largest domestic non-life market, with Lloyd’s writing £17.6 million [$27.2 million] of non-life gross premiums in 2008.

A Lloyd’s delegation, including Chairman Lord Levene, will visit Lisbon at the end of May to meet with members of the Portuguese insurance industry and further develop prospects in the region.

Source: Lloyd’s of London – www.lloyds.com