Global specialist insurance market Lloyd’s of London is, reportedly, set to establish its Dubai branch by the end of 2014, as part of its global expansion strategy.
Lloyd’s, which was earlier not inclined to build overseas hubs, may move into the Dubai International Financial Centre (DIFC) during the fourth quarter, and plans to start operations before 2014-end, as reported by GR.
As part of Lloyd’s Vision 2025, the expansion to Dubai will enable the insurance marketplace to target more business in the region.
The new office is expected to operate as a full trading platform that allows brokers and underwriters to execute their business face to face.
Lloyd’s has already launched similar branch offices in emerging insurance markets such as in Singapore, whereas many of Lloyd’s players, including Watkins and Talbot, have already opened offices in the DIFC.
Lloyd’s more than 80 licenses and network of local offices ensure access to insurance markets of all sizes and Lloyd’s accepts business from over 200 countries and territories globally.
Image: The Lloyd’s building in Lime Street. Photo courtesy of Lloyd’s of London.