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Lloyd's opens Colombian office

Posted On: Jun. 22, 2016 12:00 AM CST

Lloyd’s of London has opened an office in Bogota, Colombia.

Juan Carlos Realphe serves as Lloyd’s Colombia country manager, according to Tuesday’s statement.

Lloyd’s insurers, Advent Capital Holdings Ltd. and Brit P.L.C. will be represented on the Lloyd’s Colombia platform alongside the Lloyd’s representative office, according to the statement.

“Colombia is a growing economy which is making significant investments for the future. However, insurance penetration is one of the lowest in Latin America, at only 1.6% of GDP,” John Nelson, Lloyd’s chairman, said in the statement. “As Colombia realizes its economic potential, insurance and reinsurance can play a key role in supporting this economic growth by improving resilience, taking risks out of the country, and helping the economy recover after catastrophes.”