Based in Bogota, it aims at strenghtening the specialist position in Latin America

Latin america

Lloyd’s opened this week its Colombian office, based in Bogota, and announced that two of its insurers - Advent and Brit - will be represented on the Lloyd’s Colombia platform alongside the Lloyd’s representative office. Last year, Lloyd’s appointed Juan Carlos Realphe as its first General Representative and received a licence to provide onshore reinsurance.

Colombia is a fast-growing centre for facultative reinsurance and Lloyd’s is already a well-established provider of energy, property, financial lines and aviation cover.

A Lloyd’s underinsurance report found Colombia has an underinsurance gap of $570 million against its natural catastrophe exposures. In addition to this, a recent Lloyd’s study with Cambridge University, the City Risk Index, found that the cities of Bogota and Medellin will generate $2.5trillion in economic growth over the next decade but could have $44bn at risk from a series of threats.

Lloyd’s chairman John Nelson said: “Colombia is an important part of Lloyd’s future growth strategy, both as a fast-growth market and as a gateway to Latin America, and I am delighted to be opening our office today”. He added: “Colombia is a growing economy which is making significant investments for the future. However, insurance penetration is one of the lowest in Latin America, at only 1.6% of GDP”.

Juan Carlos Realphe, Lloyd’s Colombia Country Manager, said: “I am delighted to be opening the office today and welcoming Advent and soon Brit, and I look forward to having more Lloyd’s insurers joining us on the platform in time. Lloyd’s increased presence in Colombia will contribute to the development of a more diverse reinsurance market, increase insurance penetration and support the future growth of the Colombian economy.”