Lloyds to Open Office in Morocco, Africa’s Gateway

Lloyds, the world leader in insurance & reinsurance, is bracing to install its African base in Casablanca Finance City (CFC), says Moroccan newspaper l’Economiste.

After several months of talks, Lloyds group has finally obtained CFC status, which allows the British firm to operate in Casablanca and sell its services & products to African countries.

CFC, an emerging regional financial hub, harnesses opportunities from across the region, centralizing access to African countries, while providing access to international decision makers for African countries.

CFC status entitles privileges to eligible companies, such as attractive tax incentives, a business-friendly environment, and cooperative government institutions that facilitate quick creation of legal entities and granting of licenses.

Five years after its inception, Casablanca Finance City has earned its place on the continental and international scene. In 2016, CFC topped African financial centers, according to the rankings of the Global Financial Centers Index (GFCI). Internationally, the CFC ranked 33rd in GFCI standings.

Sensing the thriving business in Morocco, which is expanding its economic influence, the world insurance leader Lloyds decides to take its seat in CFC, joining more than one hundred international companies that have already been listed.

The history of Lloyds goes back to the 17th century when London’s importance as a trade center led to an increasing demand for ship and cargo insurance. Edward Lloyd’s coffee house became recognized as the place for obtaining marine insurance and this is where the Lloyds that we know today began.

From those beginnings in a coffee house in 1688, Lloyds has been a pioneer in insurance and has grown over 325 years to become the world’s leading market for specialist insurance.