Lloyd's of London, Britain's 325-year-old insurance and reinsurance market, unveiled a plan on Friday to substantially promote its business growth in emerging markets, including China, India and Brazil, over the next 13 years.
The strategy, called Vision 2025, was launched in the Lloyd's famous underwriting room at a ceremony attended by British Prime Minister David Cameron, and will see Lloyd's stress the "faster growing markets," including Latin America, China, South-East Asia and Eastern Europe.
"What we are trying to set out is a high-level strategy. With the growth in economies such as China and India, we need to attract capital and business from those economies. This is not something that is going to happen overnight," said Lloyd's CEO Richard Ward.
Ward cited Lloyd's insurer Catlin's recent deal with China Reinsurance as an example.
In November 2011, Catlin struck a deal to manage a new syndicate at Lloyd's of London on behalf of China Reinsurance, the largest reinsurer in the country. The deal marks the first time that a Chinese company has invested money directly at Lloyd's market.
Cameron expressed his support for the strategy.
"I welcome the drive and ambition with which Lloyd's is pursuing plans for where it wants to be in 2025. This is a great example of the bold and dynamic approach we need as we work to foster sustainable economic growth across the country," he said.
Lloyd's Chairman John Nelson said the Vision 2025 strategy is about the onward evolution of the 325-year-old Lloyd's, which describe itself not a company but market, operating like a stock market, to capitalize on an era when vast business opportunities will emerge.
"South East Asia, China, Eastern Europe and Latin America all will become fundamental to our business. We have a huge opportunity to capitalize on this growth," Nelson said.