Find out what a Lloyd's broker is, the benefits, what sorts of business they typically place and how to find one.
A Lloyd’s registered broker is a broker who has applied and been approved by Lloyd's, having met certain minimum standards and is able to place business directly with any Lloyd’s managing agent subject to a terms of business agreement. This is the predominant route to place business into the market.
A non-Lloyd's registered broker is a broking firm who has been separately assessed against Lloyd's minimum standards by each managing agent with whom they wish to conduct business.
Lloyd's underwriters do not generally deal directly with policyholders. Instead, business is normally accepted by Lloyd's underwriters through the following intermediaries:
Lloyd's registered brokers - insurance business is generally brought to Lloyd's by Lloyd's brokers who are insurance broking firms accredited by Lloyd's to broke insurance business at Lloyd's.
Coverholders - Lloyd's underwriters may delegate their authority to enter into contracts of insurance to an intermediary known as a 'coverholder'. In such circumstances the general principle is that the coverholder acts as agent of the Lloyd's underwriters (rather than as agent of the policyholder).
Registered open market correspondents - certain brokers are registered as open market correspondents which permits them to negotiate contracts of insurance with the Lloyd's market. This may be directly with Lloyd's via a managing agent or through a Lloyd's registered broker.
The key advantages are:
The Lloyd’s market insures complex and specialist risks – from oil rigs to celebrity body parts. With our syndicates under one roof in the Underwriting Room, brokers are able to find individual and innovative cover, whatever their challenge may be. Follow the link to find a breakdown of what Lloyd's do.
A list of Lloyd's registered brokers can be found in the Broker market directory. Brokers can be searched by broker name, number, pseudonym and class of business.
Please contact the Broker Relationship Management team.
Lloyd's Broker Directory
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