Lord Levene "optimistic" for the future of Irish economy

Lloyd’s says the opening of its new office in Ireland illustrates the market’s confidence in the Irish economy, despite the effects of the downturn.

The new Dublin-based office was opened today by Lloyd's chairman Lord Levene who said it marked the "beginning of a new and exciting chapter for Lloyd’s in Ireland.”

“Despite the undoubted pressures on the Irish economy, and not forgetting the wider global economy, we are very optimistic about the future for Lloyd’s in Ireland, and indeed for the financial services sector here,” he added.

The establishment of a dedicated Irish office follows off the back of the appointment of Eamonn Egan, the first Lloyd’s general manager in the country, last November.

At the opening, Lord Levene reiterated the reasons businesses are increasingly renewing their interest in Lloyd’s market—stability, capital base, and syndicated structure - coupling it with an optimistic outlook for insurance in the Irish market in the medium to long term.

“Far from merely surviving, our industry is in fact living in an age of opportunity. But success will only come if we use our resources of intelligence, expertise and entrepreneurship to anticipate future trends and to seize these opportunities,” he said.