LLOYD'S SINGAPORE GROWTH PROMPTS OFFICE SPACE SEARCH

The growing success of Lloyd’s Singapore hub has prompted a move by the market to find increased office space for the syndicates and support companies. Lloyd’s has engaged a property company to investigate how it can increase its floor space to meet the needs of the 15 operations which are currently in its hub, based at One George Street in the heart of the city’s business district. While talks are underway with the owners of the One George Street premises, if the additional space cannot be found Lloyd’s has not ruled out a move to a new building. The issue has arisen because of the hub’s rapid growth and its success, which saw $120m of business underwritten last year. Simon Wilson, general manager for Singapore and managing director of Lloyd’s Asia, said the current two floors in the George Street building were now full and the need for additional space was pressing. “We have been very pleased with the success of the operation,” he explained. “When you consider 18 months ago we had 25 to 30 people working in the offices, now we have 120.” QBE and Canopius were the latest syndicates to establish a presence and Wilson said the aim remains to continue to build a model in which the syndicates were based in the same building to enable brokers to access the expertise.