Realtors join Gov. Crist for international business meetings

LONDON – July 16, 2008 – Gov. Charlie Crist met yesterday with Lord Levene, the chairman of Lloyd’s of London to discuss reinsurance issues in Florida, as well as Lloyd’s climate change initiatives. The meeting occurred during the Team Florida Trade and Business Development Mission to the United Kingdom (UK), France, Russia and Spain.

It’s part of the governor’s third international trade mission, and 2007 FAR President Nancy Riley, International Operations Chairman John Mike, FAR Vice President of Public Policy John Sebree and Director of International Operations and Research Vani Ungapen are accompanying Crist to represent Florida’s Realtors. Also in attendance were Florida House of Representatives Speaker Designate Ray Sansom and Insurance Commissioner Kevin McCarty.

Lloyd’s of London is a collection of insurance market members and not an insurance company itself. Brokers come to Lloyd’s to find the best price, terms and conditions for policies, and Lloyd’s members underwrite insurance.

Lloyd’s is a leader in promoting information exchange for new markets associated with climate change. Lloyd’s 360 Risk Project report in 2006 assessed the impacts of climate change, and the investment risks and opportunities for the insurance industry. On July 4, 2008, Lloyd’s announced that it has teamed up with the world’s largest reinsurance firm, Benfield, to create the Lighthill Risk Network to speed the flow of information from academia to the financial services industry. Finally, Lloyd’s has joined Climate Wise, an association of leading insurance companies committed to reporting their environmental initiatives.

Florida and the UK enjoy strong economic ties, with two-way merchandise trade valued at $2.8 billion, making the UK Florida’s thirteenth largest trading partner. Further, the UK is ranked second in terms of Foreign Direct Investment (FDI) in Florida, totaling $4 billion in 2005. At present, one-third of all British firms in the United States operate in Florida, and about one in five Floridians working for a foreign-affiliated company are employed by a British firm. In total, British-affiliated companies employ more Floridians than companies from any other foreign country, with 335 subsidiaries employing more than 41,000.

In terms of tourism, the United Kingdom is Florida’s top overseas tourism market, with 1.34 million United Kingdom arrivals for 2006. On average, travelers from the UK spend nearly two weeks in Florida and $3,196, with 72.5 percent traveling to Orlando, 15.3 percent to Miami and 12.5 percent to the Tampa/St. Petersburg area.

© 2008 FLORIDA ASSOCIATION OF REALTORS®

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