Lloyd’s of London Eyes New Markets
Tuesday, February 9, 2010 10:09
According to the 2010-2012 strategic review of Lloyd’s, it is identified that ‘International competition, higher tax rates and increasing City regulation have put London’s position as a global financial centre at risk.’ It appealed to the insurer to be alert to be burdened with inappropriate and potentially harmful regulation which is primarily set for the banking sector.
Lloyd’s of London identified Mexico and Russia as areas for expansion as part of a wide-ranging strategic review of the City insurance market with 322-year-old history. Lloyd’s has already established satellite operations in Brazil and China. It may open a new office in the largest Central American and Eastern European markets. The insurance market has also pledged to keep lobbying the Indian government for access to that country.
As part of its review, Lloyd’s identify it would look to differentiate itself from the tarnished banking sector but fight alongside other City groups to limit the hand of government into the financial sector.
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