Exklusiv: Lloyd’s CEO Inga Beale zu Märkten und Chancen

03.06.2014 – lloyds-houseMit der Herausforderung gesättigter Märkte kann Lloyd’s umgehen. Im Interview mit VWheute-Korrespondent Philipp Thomas sagt Inga Beale, dass man auch aktuell Gewinne daraus zieht. Die neue Vorstandsvorsitzende von Lloyd’s erklärt, warum gerade für den deutschen Markt das Coverholder-Modell immer interessanter wird und gibt ein klares Bekenntnis zu Europa ab.

VWheute: How does Lloyd’s view the present competitive environment, in particular caused by the entry of external players via risk securitization and derivatives? Where in the underwriting cycle do we currently stand?

Inga Beale: Lloyd’s underwriters remain distinct from the basis risk imposed on the customer by a number of the risk securitization and derivative products. Whilst there is pressure on prices and terms, Lloyd’s underwriters continue to find products that appeal to policyholders’ needs. Throughout our history, Lloyd’s has seen soft markets, generally accompanied by a surplus of capital; we have been able to trade through these soft markets and find profits. We expect this cycle will be no different.

VWheute: The reinsurance industry has a tendency to enhance shareholder returns by congregating in low corporate tax environments. Is Lloyd’s satisfied with what the UK has to offer? Or is there an attempt to have Singapore and Dubai compete?

Inga Beale: The UK operates a competitive corporate tax regime that it polices robustly. Lloyd’s has a transparent and trusting relationship with the UK Treasury which we are keen to maintain.

VWheute: What particular initiatives regarding the German market (premium volume?) are planned? At what level would you see the Lloyd’s business volume emanating from Germany in 2019? How are additional coverholders being recruited?

(The premium placed at Lloyd’s Germany last year was c.$566 Million, with a 50/50 split between direct and reinsurance). Lloyd’s is encouraging new coverholders from the broker community as well as German managing agents by providing more straightforward access to Lloyd’s, giving them an edge over their competitors. Lloyd’s Germany is seeing increasing interest for the coverholder model from German brokers.

VWheute:To what extent could you envisage additional capacity being made available via Lloyd’s vehicles controlled by institutional German investors (similar to Munich Re – Watkins 457, 494m £ GWP 2012 and 66m£ profit before tax)?

Inga Beale: German Insurers investing at Lloyd’s can provide capacity in business lines where Lloyd’s has been reluctant so far, for e example the surety business.

VWheute: How would the UK leaving the EU affect Lloyd’s business on the European continent, in particular as regards an end to freedom of establishment and services? What contingency plans are you making for such a scenario? Would you expect existing Lloyd’s operations to be grandfathered?

Inga Beale: There are a lot of uncertainties around the subject, not least the outcome of the next UK general election. Even if the UK were to leave the EU, the detail of the UK’s relationship with the EU would need to be worked out and agreed between the parties. Lloyd’s supports UK membership of the EU and is of course very keen to maintain its access to European markets.

Foto: Der europäische Markt im Allgemeinen und der deutsche im Speziellen sind für Lloyd’s von großem Interesse. (Quelle: Lloyd’s)

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