Lloyd's is set to begin writing business in Slovakia with at least one syndicate eyeing the market.
Tony Gough, a director of London market broker Bradshaw Hort, confirmed he is holding discussions with at least one Lloyd's broker and a "significant" Lloyd's syndicate on behalf of Slovakia's fifth largest broker, Concorde Insurance.
Gough declined to name the Lloyd's businesses involved, but said he is "quite a long way down the line" in establishing a property facility for Concorde to place office and residential blocks at Lloyd's.
Gough said the details will be finalised after a meeting between the Lloyd's businesses and Bratislava-based Concorde later this month, with Lloyd's to begin writing Slovakian business by 1 October. Bradshaw Hort's parent company, Bradshaw Group, will enter into a partnership agreement with Concorde in order to facilitate the deal.
In May, the FSA authorised Lloyd's to begin writing direct business in all classes except motor third party liability, in eight new EU countries, including Slovakia.
At the time, Lloyd's chairman Lord Levene said: "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."
