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Blumenthal explained that the euro's difficulties have highlighted issues with insurer solvency and the long-term sustainability of the German insurance market, and that countries cannot "go it alone" and should look beyond their domestic markets. "German companies operate in international markets, and have international boards and shareholders. It is now time for Germany to open up to the international insurance market."
Describing Germany's domestic market as "competitive but closed", Blumenthal urged clients to look to Lloyd's to gain broader and more specialist cover. "Clients believe that they can get everything they need in the German market, but there are many products available at Lloyd's that they do not know about, such as insurance to cover mergers and acquisitions", he said.
Pledging to improve Lloyd's visibility in Germany, Blumenthal identified the country's in-house brokers as an important target group. "Lloyd's has many products and the capacity to offer in-house brokers, who could potentially become Lloyd's coverholders", he said.
There are also opportunities for managing agents at Lloyd's to work with domestic German brokers - international and national - as well as regional and specialist brokers, Lloyd's believes. "There are a wide number of professional German brokers who would be interested in the products that local German insurers currently do not have", Blumenthal said.