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Lloyd's of London sees rush of 'syndicate-in-a-box' applications - CEO

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11/12/2019 | 05:53am EST
Man works at a desk in the Lloyd's of London building in the City of London financial district

Lloyd's of London has received 80 applications from firms seeking to set up cost-efficient remote syndicates, its Chief Executive John Neal told a conference on Tuesday.

The British insurance market, which comprises 99 members and focuses on large commercial insurance, is offering syndicates the ability to set up without a physical presence at its City of London base, under wide-ranging plans to modernise its 330-year old business.

Lloyd's said in September that reinsurance group Munich Re, which already has a presence at Lloyd's, was setting up the first remote "syndicate-in-a-box" to focus on newer insurance areas including renewable energy.

(Reporting by Carolyn Cohn, writing by Sinead Cruise, editing by Iain Withers)

Stocks mentioned in the article
ChangeLast1st jan.
MUENCHENER RUECKVERSICHERUNG AG 0.64% 265.6 Delayed Quote.38.44%
REINSURANCE GROUP OF AMERICA, INCORPORATED 0.85% 165.29 Delayed Quote.17.87%
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