FOR IMMEDIATE RELEASE

November 4, 2022

Commissioner Donelon Pitches Louisiana’s Business Environment in Meetings with International Reinsurance Leaders

Insurance Commissioner Jim Donelon pitched Louisiana’s property insurance environment and continued viability as a destination for the reinsurance and surplus lines insurance industries to executives with Lloyd’s of London (Lloyd’s) and the International Underwriting Association of London (IUA) during a four-day trip to London last week. Commissioner Donelon also met with several Lloyd’s syndicates that have Louisiana coverages during a meeting hosted by Aon, one of the largest international brokerage houses in the world, for a conversation on the status of our state’s market.

During the meetings, Commissioner Donelon highlighted several factors that make Louisiana an attractive state for international insurers and reinsurers to do business, including the Insure Louisiana Incentive Program, higher minimum capital and surplus requirements for insurers, increasingly stringent building codes, the Louisiana Fortify Homes Program, and the significant number of homes with new roofs across coastal Louisiana following the devastating 2020 and 2021 hurricane seasons.

“This trip was an important step in showcasing what we are doing to strengthen Louisiana’s property insurance market and attract insurers back to our state,” said Commissioner Donelon. “I appreciate the opportunity to share our story with folks at Lloyd’s, the IUA, and Aon. It was also enlightening to hear their perspectives on how severely reduced reinsurance capacity may affect recovery efforts in states across the U.S.”

At Lloyd’s, Commissioner Donelon met with Patrick Tiernan, Head of Markets; Dean Wickens, Senior Manager for International Regulatory Affairs; Peter Spires, General Counsel; Sabrina Miesowitz, Lloyd’s U.S. General Counsel; and other representatives. At the IUA, he met with CEO Dave Matchem and Helen Dalziel, Director of Public Policy. At Aon, he met with Jack Woodward, Team Leader for U.S. Properties; Andrew McCarty, Associate Director of Reinsurance Solutions; Nick Lazarus, a principal of Inigo Insurance; and others. He also met with London-based reporters from S&P Global Market Intelligence and Insurance Insider.

Louisiana is one of the ten largest premium paying states for Lloyd’s and for the surplus lines industry generally, making it comparable to France and Germany in the reinsurance world. Lloyd’s is the world’s largest insurance marketplace and global distribution network. The IUA is the principal representative organization for non-Lloyd’s international and wholesale insurance and reinsurance companies operating in the London market. Reinsurance, which is insurance purchased by insurance companies to help cover their losses following major claims events, makes up 37% of Lloyd’s business globally.

Commissioner Donelon is traveling to Bermuda later this month to meet with the Association of Bermuda Insurers and Reinsurers and other leaders in the global insurance and reinsurance industry.

About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.