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Morocco: Lloyd's expands in Africa with new Casablanca office

Source: Middle East Insurance Review | May 2018

Lloyd’s has opened a new office in Casablanca Finance City (CFC) to provide tailored risk solutions in North Africa in early April, appointing Mr Salah El-Kadiri as its general representative. 
 
   Under the CFC licence, Lloyd’s managing agents can appoint coverholders and service companies established in the CFC to underwrite Moroccan and regional (re)insurance business on their behalf.
 
   Lloyd’s will be able to provide specialist risk solutions for a range of risks, including marine, aviation and other Moroccan risks where there are no solutions provided locally, and reinsurance of Moroccan risks and non-Moroccan risks (when permitted in the corresponding jurisdiction).
 
   At the opening ceremony, Lloyd’s CEO Inga Beale said: “We believe that Africa is the next frontier for insurance. At Lloyd’s, we are determined to play a vital role in supporting economic growth and developing insurance markets in Africa. To achieve this, we will improve access to the Lloyd’s market and support capacity building across the continent. This will be vital for realising sustainable development and building resilience for the future.” 
 
   “The opening of our Morocco office is a major step in this mutually beneficial journey,” she added. 
 
   CFC CEO Said Ibrahimi said, “The launch of Lloyd’s in Casablanca will undoubtedly bring more strength and credibility to insurance markets as well as solutions to our region that offers immense opportunities. Lloyd’s in Casablanca would help in upscaling CFC’s ecosystem and opening up more perspectives for Africa.” M 
 
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