Lloyd’s, a global insurance market, is planning to open a new representative office in Russia next year.

Lloyd’s has said that a dedicated country manager will enable the company to better understand and explore opportunities in the Russian market, however the office will not be a base for underwriting.

Lloyd’s International Markets director Jose Ribeiro said, now is the right time to develop a small presence in Moscow. The new Russia country manager will be well placed to make informed decisions on behalf of the Lloyd’s market as well as promoting and explaining it to local insurers and brokers.

However, the new office is subject to regulatory approvals and is expected to open during mid-2011.