London based global specialty insurance and reinsurance market Lloyd’s, announced last week that it has received approval from the Colombia’s financial regulatory authority Superfinanciera to open a representative office in Bogotá. Under the new Lloyd’s representative office license, Lloyd’s syndicates may now establish business development and underwriting functions in the Lloyd’s Colombia offices and provide onshore reinsurance.
Juan Carlos Realphe G. has been appointed as Lloyd’s first General Representative responsible for market development and liaising with regulatory authorities and Lloyd’s business partners to grow Lloyd’s presence in Colombia.
“I am delighted to be appointed as Lloyd’s first representative in Colombia and I look forward to establishing Lloyd’s presence in Bogotá. Lloyd’s will bring valuable capacity and specialist expertise to the Colombian market and there are strong growth opportunities for Lloyd’s, particularly in property and liability lines,” said Realphe.
Realphe joined Lloyd’s in early 2015 after 28 years of experience in the Colombian insurance and reinsurance market. He joined Lloyd’s from Willis Colombia where he was placement leader, vice president and interim CEO. He started his career with Allianz (previously Colseguros) in 1988 holding various roles before moving to Mapfre in 2001 where he led the Non-Life Business as the Non-Life Vice President.
“Lloyd’s has delivered on the market’s desire for a presence in Colombia as part of our Vision 2025 strategy to increase our support to the world’s fastest growing economies. It gives me great pleasure to welcome Juan Carlos as our first Colombian representative and see the next phase in Lloyd’s Latin American growth strategy fall into place,” said Vincent Vandendael, Lloyd’s Director, Global Markets
Lloyd’s Bogotá office will house local representatives of Lloyd’s insurers and the Lloyd’s General Representative Office. Colombia is a fast-growing hub for facultative reinsurance and Lloyd’s is already a well-established provider of energy, property and aviation cover.
Daniel Revilla, Lloyd’s Head of Operations & Strategy, Global Markets added: “Lloyd’s is strengthening its presence and offering in Latin America. We recently received approval for our Representative office in Mexico and will now move to establish a presence in Colombia giving local clients increased access to Lloyd’s expert underwriters and tailored risk solutions. I look forward to working with Juan Carlos to support Lloyd’s development in Colombia.”
Photos of Lloyd’s London headquarters provided courtesy of Lloyd’s