Lloyd’s is establishing a stronger presence in Australia and as part of this initiative, it has officially opened up a new office in Sydney.
Lloyd’s is currently the fifth largest insurer in the Australian market, with over AUS$2 billion of business written in Australia in 2014. Lloyd’s has been writing business in Australia for 160 years. Lloyd’s is licensed under the Australian Insurance Act 1973 to write insurance and reinsurance business. Its primary functions are to represent the Lloyd’s market at all levels, promote and protect its brand and ensure compliance with local legislation and licensing obligations. In addition, Lloyd’s functions include providing legislative guidance to its syndicates, dealing with disputes, providing market updates and approving new coverholder applications.