Lloyd’s has today confirmed that the market is in a strong position to respond to the impacts of COVID-19 & support its customers and business partners, following the release its 2019 annual results.
Lloyd’s Europe, established in November 2018, has continued to underline the importance of being ahead of the curve. Thanks to this solid base at the heart of Europe, Lloyd’s will continue underwriting European business, whatever the outcome of the UK’s negotiations with the EU on its future trading relationship.
In 2019, with the support of Lloyd’s existing leadership team, an experienced executive committee was appointed to lead Lloyd’s Europe, with Sonja Rottiers confirmed as Chief Executive Officer, Delphine Marchessaux as Chief Underwriting Officer, Mark Cooper as Chief Market Development Officer and Head of European Branches, and Pina Elegant as Head of Human Resources.
Authorised and regulated by the National Bank of Belgium, capitalised according to Solvency II rules and assigned the same financial ratings as Lloyd’s, Lloyd’s Europe writes all non-life and EEA risks, as well as facultative and non-proportional excess of loss treaty reinsurance.
Building momentum throughout 2020
Last year alone, Lloyd’s Europe wrote Euro 2.6bn of premium thanks to a clear value proposition developed for all stakeholders – from managing agents and brokers, to coverholders and customers – as well as a renewed regional focus on an existing network of country managers. It was also an early adopter of digital placement using structured data, and is now the single largest user of structured placement data for automatic policy creation in the Lloyd’s market.
It has also made good progress on its Part VII transfer and remains on track to complete the work in 2020 as planned. Having put in place a solid foundation for future growth, the Lloyd’s Europe team is looking to continue building on a successful 2019.
Lloyd’s returned to a pre-tax profit of £2.5bn in 2019, representing an improvement of £3.5bn on the previous year, and delivered an 8.8% return on capital.