Posted on 19 May 2009
Today Lloyd's of London announced that it has been licensed to write business in Portugal.
The license granted by the Portuguese insurance regulator, the Instituto de Seguros de Portugal, will allow Lloyd's underwriters to appoint coverholders to write establishment business in the region.
In addition, Lloyd's has set up an office in Lisbon. Juan Arsuaga, previously managing director of Lloyd’s Spain, has been appointed Lloyd’s general representative for Portugal as well as managing director of Lloyd's Iberia.
Lloyd’s reported £17.6 million ($26.7 million) in gross premiums for property/casualty business originating from Portugal in 2008.