Lloyd’s is analyzing expansion to Romania

Since early 2008, Lloyd’s has initated procedures to obtain complete operating licenses for Austria and the Czech Republic. The Romanian insurance market offers a high potential for consolidating the insurer’s business, according to a release posted on Lloyd’s website. "There would be no changes in the top 10 Romanian insurance companies after Lloyd’s entered the market, as its services are intended for companies,” said the President of the National Union of Romanian Insurance Brokerage and Advisory Companies (UNSICAR), Bogdan Andriescu.

Europe generates about one third of premiums paid for worldwide general insurance and represents a very important market for Lloyd’s. “There are many opportunities in Eastern Europe where our presence has been limited up to now. We will analyze the possibilities for expanding Lloyds to other Eastern European countries, such as Hungary, Romania and Turkey,” said Lloyd’s Europe General Manager, Enrico Bertagna.