Reports circulating today indicate that Lloyd's has received an "establishment license" to expand its marketshare in Portugal. The agreement will specifically allow Lloyd's underwriters to appoint certain coverholders to assist them in writing additional policies in Portugal. Prior to the agreement, Lloyd's was writing approximately £17.m of non-life gross premiums in that country.
According to Jose Ribeiro, a director in Lloyd's International Marketing Division, Portugal is Europe's ninth largest market and, with the expansion, Lloyd is certain to increase its marketshare in that country and he would not be surpised if Lloyd's obtained additional licenses in the future to continue Lloyd's expansion in that country.
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By Joanna M. Roberto