© Lloyd’s 1 © Lloyd’s 1 Broker Registration 7 th October 2014 David Charles-Jones – Lloyd’s 0207 327 6048.

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Presentation transcript:

© Lloyd’s 1 © Lloyd’s 1 Broker Registration 7 th October 2014 David Charles-Jones – Lloyd’s

© Lloyd’s 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

© Lloyd’s 3 The Lloyd’s Market – Broker Driven Currently 211 Lloyd’s Registered Brokers Premium distributed by broker ranking:

© Lloyd’s 4 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

© Lloyd’s 5 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

© Lloyd’s 6 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.

© Lloyd’s 7 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

© Lloyd’s 8 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

© Lloyd’s In Summary ► Lloyd’s is a broker driven market ► Direct access may be right for some ► Registration is not complicated

© Lloyd’s 10 © Lloyd’s 10 Questions?