Broker looks to grow in UK and emerging markets after exiting US catastrophe reinsurance
Lockton Re has won six out of the eight treaty proposals it submitted to UK insurers in the last 12 months, beating the likes of Guy Carpenter and Aon Benfield to place books of business with reinsurers on behalf of RSA, XL, Allied World and Beazley, according to market sources.
Lockton Re pulled out of the US catastrophe reinsurance market over a year ago, after a strategic review of the business concluded the investment required in catastrophe modelling would be better spent elsewhere.
Lockton has instead invested in growing its reinsurance brokerage in the Middle East, Turkey, and the UK casualty market. It is also understood to be exploring an entry to Singapore.
Its UK reinsurance team is 35-strong and worldwide reinsurance turnover around $35m (£21.m).
Lockton is also trying to build up the reinsurance market for cyber liability insurance, which international chief executive Mike Hammond says is holding down insurance limits.
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