NU Online News Service, Nov. 4, 12:10 p.m. EDT

Lloyd’s announced it will open a representative office in Russia next year.

Lloyd’s said having a dedicated country manager will enable it to better understand and explore opportunities in the Russian market, however the office will not be a base for underwriting.

Lloyd’s Russia is expected to open mid-2011 subject to regulatory approvals.

Over the past three years, Lloyd’s said its premium income from Russia has increased from $108.4 million in 2007 to $167.5 million in 2009, ranking Russia second amongst the Brazil Russia India China (BRIC) economies, behind Brazil.

The major classes of business written as reinsurance from Russia are energy ($58 million), aviation ($54 million) and marine ($33 million), Lloyd’s said.

Jose Ribeiro, director, International Markets, Lloyd’s, said, “Now is the right time to develop a small presence in Moscow. The new Russia country manager will be well placed to make informed decisions on behalf of the Lloyd’s market as well as promoting and explaining it to local insurers and brokers.”