FOR IMMEDIATE RELEASE

October 21, 2022

Commissioner Donelon Traveling to London for Meetings with Lloyd’s of London and the International Underwriting Association of London

Insurance Commissioner Jim Donelon is traveling to London next week to meet with leaders from Lloyd’s of London (Lloyd’s) and the International Underwriting Association of London (IUA). During the meetings, Commissioner Donelon will provide an update on insurance legislation passed during the 2022 Legislative Session and discuss his plan to strengthen the property insurance market by incentivizing more insurance companies to do business in Louisiana.

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 will also pitch both organizations on Louisiana’s business-friendly regulatory environment and continued viability as a destination for the reinsurance and surplus lines industries.

“Reinsurance and surplus lines insurance are both vital to maintaining a healthy property insurance market in Louisiana and to our state’s economy at large,” said Commissioner Donelon. “Our state has had long and mutually beneficial relationships with Lloyd’s and the IUA for many years, and I look forward to meeting with them to ensure those relationships stay strong.”

Commissioner Donelon also recently attended a Lloyd’s presentation in Kansas City sponsored by the National Association of Insurance Commissioners where he visited with representatives from the reinsurer’s U.S.-based office in anticipation of the London trip.

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.