Lloyd’s of London will be welcoming its first Mexican reinsurer.
News of Lloyd’s expansion follows the opening of its debut representative office in Mexico City in October 2015. The move will come by way of Ironshore Inc., whose Pembroke Managing Agency, along with Mexico’s Patria Re, recently won Lloyd’s approval to launch a Special Purpose Syndicate.
The plan is to drive Latin American Specialty business lines to the Lloyd’s market by way of the Patria Re/Pembroke partnership. This will become effective for the 2016 Year of Account, Ironshore said.
Pembroke served as a third-party managing agent to guide Patria Re through the Lloyd’s new entrant assessment process, according to the deal announcement.
Ironshore International CEO Mark Wheeler said in prepared remarks that the deal “offers an exciting opportunity to develop a broader and more balanced portfolio of Latin American business in the Lloyd’s market.”
Patria Re will operate as Patria Re SPS PAT6125, with an approved stamp capacity of $22.8 million gross written premium. Patria Re will underwrite a diverse portfolio of short tail exposures for Latin American specialist lines of business.
Christopher Brown, Pembroke’s third party syndicate director, and Ingrid Carlou, CEO of Patria Re, led the Lloyd’s approval process and will jointly oversee operations.
Source: Ironshore, Inc.
*Lloyd’s of London CEO Inga Beale spoke earlier this fall at the reinsurance Rendez-Vous about Lloyd’s expansion plans in regions including Asia, South America and the the Middle East. For details, click here.