Lloyd’s Looks For Foreign Investment
CBJ – Lloyd’s of London is looking to bring in more business by encouraging more foreign investment.
The Lloyd’s market ranks fifth in terms of global reinsurance premium income. It has seen a number of deals recently as increasing competition and tighter capital rules weigh on premiums.
Last month, Prem Watsa’s Fairfax Financial Holdings of Toronto said it would buy Brit PLC for about $1.9 billion. If the transaction occurs, it would make Fairfax one of the top five underwriters in the market.
That came a month after XL Group purchased Lloyd’s of London’s Catlin Group for $4.2 billion. Meanwhile, Qatar Insurance Group last year acquired Antares, another underwriter.
Still, as rates remain under pressure, Lloyd’s is keen to manage the flow of new entrants to the market.