Lloyd’s initiates operations in Lebanon through coverholders
The Insurance Control Commission (ICC) announced today that Lloyd’s underwriters are permitted to appoint coverholders in Lebanon to write reinsurance business. Intermediaries in Lebanon licensed by the ICC, wishing to be a Lloyd’s reinsurance coverholder, are required to go through the Lloyd’s coverholder approval process.
This announcement is expected to provide a significant boost to the insurance sector as it facilitates the access to specialist underwriting expertise that is believed to be the best worldwide. In the same time, the ICC considers that the licensing of coverholders in Lebanon is a leap forward for the mediation business in Lebanon, in view of the advanced level of expertise and operational transparency required to obtain this credential.
The announcement preceded a senior market forum that Lloyd’s organized with a delegation of members from the Middle East Lloyd’s market who visited Lebanon today. The forum was attended by a large community for insurance companies in addition to representatives from the mediation sector, and aimed to reinforce the links with the local industry.