Lloyd's Starts Writing In Eastern Europe

Lloyd's Starts Writing In Eastern Europe

The eight countries are Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia.

Lloyd's said it would accept all classes of business except third-party auto liability from the countries on a cross border basis.

Ten countries were recently added to the EU, the economic union of countries that have adopted the Euro as their common currency.

Lloyd's already does business with the other two new members?Malta and Cyprus.

Lloyd's writes business in 72 territories worldwide, including all 25 EU countries.

During a visit to Lloyd's by Aleksander Kwasniewski, president of Poland, Lloyd's Chairman Peter Levene said, "These licenses mark a further expansion of Lloyd's outreach in Europe. Our underwriters look forward to offering their expertise and resources to the rapidly changing needs of the new EU countries.

"The potential of the new enlarged European market cannot be underestimated. Expanding our presence in Europe will enable Lloyd's underwriters to better serve their existing customers while offering new and exciting opportunities to the new EU countries."