Lloyd’s also hosted a networking event preceding the office opening, with representatives from the Nordic insurance industry
Lloyds has opened its first representative office in Sweden, which will act as the hub for all Nordic operations. Reportedly, the office in Stockholm will be run by Erik Borjesson, Lloyds Nordic representative, who has been building relationships with the regulatory authorities and developing business in the region since his appointment.
It has been reported that the Nordic region as a whole (Norway, Sweden, Finland and Denmark) is Lloyds third largest European market, and presents many niche opportunities for profitable diversification of the Lloyds market, particularly in energy, aviation and property business.
Enrico Bertagna, Lloyds regional manager, Europe, said: “The relationship between Lloyds and the Nordic insurance buyers is extremely important. We have reported strong growth in the Nordic region over the past few years, with premium growth up to £350m in 2008. We expect this to increase now that we have a local presence.”
Mr. Borjesson said: “While the Nordic markets are small by international comparisons, they have demonstrated strong growth, have little volatility and are generally stable. We must make sure that the Lloyds market is well placed to capitalise on the opportunities. There is currently a healthy appetite for the region amongst businesses in the market with 18 managing agents seeking to develop their business there.”