LLOYD’S LOOKS TO BUILD ON GROWTH OF SPANISH BUSINESS

Lloyd’s confirmed yesterday that its Spanish business had reached 110m in 2001, nearly doubling in two years from 58m euros in 1999. Chairman Sax Riley said that the growth had been helped by a recent retraction in market capacity among other Spanish and foreign carriers in the country, boosting demand for specialist cover and pushing up rates. The Lime Street market’s strategy for future expansion in the region will see it open a representative office in Madrid to enable it to underwrite direct business in Spain for the first time, as well as making efforts to promote closer links via an enlarged programme of Spanish events and promotional activities. The market also intends to translate far more of its literature into Spanish and to encourage syndicates and Lloyd’s brokers working in the Spanish market to become involved in an active development programme. The programme aims to extend provision of expert cover for certain business lines — such as war and terrorism cover and specialist liability — in conjunction with Spain-based intermediaries.