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Lloyd's targets Middle East expansion


DUBAI, United Arab Emirates— Lloyd's of London is hoping to expand its participation in the Middle East's energy market as its global reach also is widening in Asia, the market's chairman said Tuesday.

Lloyd's Chairman Lord Peter Levene said during Marsh Inc.'s National Oil Companies' Seminar in Dubai that "while the insurance world is coming to London, we must not ignore the increasing imperative to take London to the world."

Lord Levene said "we are now putting the finishing touches to Lloyd's new operation in China, which will be opening in the next few weeks. The Lloyd's Asia platform in Singapore is growing rapidly and we are widening market access in other areas such as Japan and in Malaysia."

In the Middle East, "our relationship with the region is also growing," he said, "and whilst I'm here I hope to find out more about how we can support development of the local market to help us develop a business strategy for this region."

London "clearly remains the leading power in the global energy market," said Mr. Levene, and increasingly is providing capacity for business in the Middle East that is outstripping local capacity.