Lieutenant Governor Tregenza A. Roach, who also serves as the Territory’s Commissioner of Insurance, is informing residents that he is in receipt of correspondence from Lloyd’s America, Inc. regarding its decision to relinquish its admitted licenses in the Territory and to focus on providing both surplus lines coverage and reinsurance.
“Lloyd’s intends to change its licensing status in the U.S. Virgin Islands, Illinois and Kentucky, the only three jurisdictions where Lloyd’s currently does business as an Admitted Insurer. It is making this change to operate in these three areas in the same manner that it does in every other U.S. jurisdiction,” said Lieutenant Governor Roach.
“We can assure our residents that there will be no change with regard to any existing policy,” said Lieutenant Governor Roach. “And Lloyd’s has further confirmed that the Virgin Islands insurance market can continue to write new Lloyd’s admitted business up until July 1, 2021, with renewals of existing policies being allowed for at least one year beyond 2021.”
Lieutenant Governor Roach said he has scheduled meetings with the Company, the National Association of Insurance Commissioners, and the Division of Banking, Insurance and Financial Regulation to discuss regulations that would minimize the impact of the change in Lloyd’s business model on the Virgin Islands community. Additional information will be released as these discussions are concluded.
For further information, please contact the Division of Banking, Insurance, and Financial Regulation on St. Thomas at 340-774-7166 or St. Croix at 340-773-6449.