The British Are Coming
Lloyd's increase presence could mean dollars and jobs for Miami
By STEVE LITZ
Updated 11:07 AM EDT, Tue, Nov 10, 2009
From Tina Turner's legs to Miami-manufactured cigarette boats, world famous Lloyd's of London has been the insurer. Now Lloyd’s wants to have the rest of Miami’s backs.
Lloyd's representatives are touring Miami, looking to establish a bigger presence in the Magic City, including a stake in your home.
"We are the young professionals coming through the ranks of Lloyd's and we're looking to build relationships here to get first-hand experience of Miami and the marine market," said Lloyd's representative Tom Squires.
While the lizard with the British accent gets all the pub for insurance on TV, it's the real blokes from England that have a pretty good foothold on insuring what's most important in Miami.
Lloyd's of London already insures the Port of Miami and without insurance the giant economic engine would not operate. Lloyd's also insures American Airlines Arena, cruise ships and possibly the new Marlins baseball stadium.
The group took time Thursday to tour its facility in Opa Locka and saw how speedy Cigarette boats are made.
But it's not just the big ticket items insured by Lloyd’s. It also insures the companies that may provide your homeowners insurance.
So if there's a catastrophe, and a primary insurer can't handle all the claims, Lloyd's has their back.
"These large catastrophe losses, we'll write re-insurance" said representative Callum Clark.
Miami commissioner Marc Sarnoff has been wooing Lloyd's for several years now hoping that the company’s high profile could lead to jobs and possibly a building in the Magic City.
"You're looking at the future leaders of Lloyd's,” Sarnoff said. “In five years, they'll be in charge and this idea will be receptive to them."
First Published: Nov 5, 2009 5:02 PM EDT
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