Lloyd’s is to open an office in Miami in September to strengthen its Latin America and Caribbean business and continue to support the market’s sustainable and profitable growth in the Americas, a region that accounts for nearly two-thirds of Lloyd’s premium.

Latin America and the Caribbean is an important and fast-growing area for Lloyd's, accounting for 4.6 per cent of gross written premium, or $2.7 billion, and in 2023, generating a 14.5 per cent increase year-over-year.

In Latin America, Lloyd’s said, the business is predominantly reinsurance (93.6 per cent), while in the Caribbean, reinsurance accounts for 21 per cent.

The new office will enable Lloyd’s to realign its resources to centrally support brokers, cover holders and managing agents throughout Spanish-speaking Latin America and the Caribbean, while creating another hub in the Americas.

Lloyd’s operations in the Americas will be aligned across New York, Miami, Rio de Janeiro and Toronto offices.

The Miami office will also support US market development where the excess and surplus lines sector continues to grow and there are opportunities to expand the Lloyd’s Academy and Lloyd’s Lab innovation hub, as well as support captive syndicates, multinational business and new capital.