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.