Lloyds Exits Three U.S. Admitted Markets
In an effort to strengthen its focus on the U.S. reinsurance and excess and surplus insurance market, Lloyd’s said it will give up its admitted licenses in the U.S. Virgin Islands, Kentucky and Illinois. Lloyds told AM Best that the three were the only territories that Lloyd’s currently writes admitted business in the U.S., while E&S and reinsurance markets remain its biggest market in the world.
Lloyd’s said the market and its key stakeholders “will need time to make changes to their commercial plans. We are therefore providing a window of 12 months during which new business will continue to be allowed.” After July 1, 2021, no new business or programs will be accepted on the U.S. licensed platforms, Lloyd’s said.