BATON ROUGE — From the Louisiana Department of Insurance:
Insurance Commissioner Jim Donelon is traveling to London this week to meet with leaders from Lloyd’s of London and the International Underwriting Association of London. During the meetings, he will provide an update on insurance legislation passed during the 2022 Legislative Session and discuss his plan to strengthen the property insurance market by incentivizing more insurance companies to do business in Louisiana.
Lloyd’s is the world’s largest insurance marketplace and global distribution network. The IUA is the principal representative organization for non-Lloyd’s international and wholesale insurance and reinsurance companies operating in the London market. Reinsurance, which is insurance purchased by insurance companies to help cover their losses following major claims events, makes up 37% of Lloyd’s business globally.
Donelon will also pitch both organizations on Louisiana’s business-friendly regulatory environment and continued viability as a destination for the reinsurance and surplus lines industries.
“Reinsurance and surplus lines insurance are both vital to maintaining a healthy property insurance market in Louisiana and to our state’s economy at large,” said Donelon. “Our state has had long and mutually beneficial relationships with Lloyd’s and the IUA for many years, and I look forward to meeting with them to ensure those relationships stay strong.”
Donelon also recently attended a Lloyd’s presentation in Kansas City sponsored by the National Association of Insurance Commissioners where he visited with representatives from the reinsurer’s U.S.-based office in anticipation of the London trip.
