Middle East ‘back on Lloyd’s radar’
Lloyd’s is still exploring its options for Middle East expansion, according to senior manager, international market operations, Ed Pennock.
Speaking at the GR Executive Briefing LIVE in Dubai, Pennock said that Lloyd’s had postponed its plans to set up in the region following the financial crisis and troubles in Bahrain in 2011.
But he added that the Middle East was “very much back on the radar again” in 2013, due in part to Lloyd’s Vision 2025.
Pennock said that the Corporation of Lloyd’s was not ready to reveal its plans just yet. “We are at the beginning of that journey,” he explained.
However, Pennock added that possible options were to set up a hub, establish a regional office or concentrate on other options to increase business in the Middle East.