Broker Registration

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© Lloyd’s 1 < Picture to go here > © Lloyd’s 1 Broker Registration 7 th October 2014 David Charles-Jones – Lloyd’s [email protected] 0207 327 6048

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Broker Registration. 7 th October 2014 David Charles-Jones – Lloyd’s d [email protected] 0207 327 6048. Agenda. Overview of Lloyd’s Market Why access Lloyd’s How to a ccess Lloyd’s capacity Lloyd’s Minimum Requirements Registered Broker – What are we looking for? - PowerPoint PPT Presentation

Transcript of Broker Registration

Page 1: Broker Registration

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© Lloyd’s 1

Broker Registration7th October 2014David Charles-Jones – Lloyd’s

[email protected] 0207 327 6048

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Agenda

► Overview of Lloyd’s Market

► Why access Lloyd’s

► How to access Lloyd’s capacity

► Lloyd’s Minimum Requirements

► Registered Broker – What are we looking for?

► How to make a registration run smoothly

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The Lloyd’s Market – Broker Driven

2011 2012 20130

5,000

10,000

15,000

20,000

25,000

Other Lloyd's Registered Brokers

GSP (£m)

Top 454%

5 to 1018%

11 to 30

19%

31+9%

Currently 211 Lloyd’s Registered Brokers

Premium distributed by broker ranking:

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Reasons to access the Lloyd’s market

► Access to 82 specialist insurers

► Knowledge and experience of underwriters

► Ability to accept difficult placements and unique risks

► Claims performance

► Capacity

► Market Security

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How to access Lloyd’s

► Coverholder model

► Service companies

► Working with other Lloyd’s Brokers

► Non-Lloyd’s Broker

► Lloyd’s Broker

Indirect Access

Direct Access

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Minimum Requirements

► Support from at least three Lloyd’s managing agents

► Regulatory approval

► Adequate systems, procedures and arrangements to conduct business in the Lloyd’s insurance market.

► Suitable procedures to safeguard insurance monies.

► Professional indemnity insurance that meets Lloyd’s minimum requirements.

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What is Lloyd’s Looking for?

► Firms that will produce business to the market

► New business

► Experienced personnel in placing business in Lloyd’s

► Relationships in the market

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Tips for success

► Work on the relationships with managing agents

– Time scales longer than you would imagine

► Allow suitable time for Xchanging process

– Bank mandates 6-10 weeks

– Testing and Training

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In Summary

►Lloyd’s is a broker driven market

►Direct access may be right for some

►Registration is not complicated

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Questions?

[email protected]

0207 327 6048