Lloyd's Turk doubles down on opportunity to build reinsurance market share

Turk said that his goal is to generate 10% of the syndicate's income from reinsurance business within five years.

Speaking to Insurance Day, Turk said that the syndicate has a long-term ambition to grow its reinsurance portfolio and that he hopes to generate 10% of the syndicate's income from reinsurance business within five years.

He said that the syndicate has already made some "significant progress" in this area, particularly in developing its catastrophe and property treaty business.

Turk said that he sees a "great opportunity" to build market share in the reinsurance sector, particularly in the wake of the Covid-19 pandemic.

He said that the pandemic has had a "profound impact" on the reinsurance market, leading to a significant increase in demand for cover.

He said that this is due to a number of factors, including the increased frequency and severity of natural disasters, the growing complexity of global supply chains, and the increasing interconnectedness of the global economy.

Turk said that he believes that Lloyd's is well-positioned to capitalise on this opportunity, given its strong track record in the reinsurance market and its ability to provide a wide range of cover.

He said that he is confident that the syndicate can achieve its goal of generating 10% of its income from reinsurance business within five years, and that he is looking forward to continuing to build the syndicate's reinsurance portfolio in the years to come.