November 12, 2019 / 10:58 AM / a month ago

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

FILE PHOTO: Lloyds of London's headquarters seen in the City of London, Britain, July 31, 2018. REUTERS/Simon Dawson

LONDON (Reuters) - Lloyd’s of London SOLYD.UL 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 modernize 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

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