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Member, Beacon International Group, Ltd.
Lloyd's of London will be able to operate on a surplus lines basis in all 50 states when legislation passed in Kentucky comes into effect in July, Lloyd's announced Wednesday.
This will allow Kentucky policyholders to access the Lloyd's market for surplus lines products, and Lloyd's underwriters will be able to place multi-state surplus lines risks in every U.S. state going forward, Lloyd's said in a statement
“These trading rights are a result of Lloyd's responding to demand from the market and more importantly, working successfully with our underwriters and the Lloyd's Market Association,” Vincent Vandendael, international markets director, said in the statement.
Lloyd's is an admitted insurer in Kentucky, where it has had an office since 1937.
“Lloyd's has a unique and long-standing relationship with Kentucky, now in its 77th year, and the market is committed to delivering top insurance solutions to the industry on both an admitted and surplus lines basis,” Pat Talley, U.S. central region director, said in the statement.