The sessions enable brokers to see multiple markets at one time and provide faster turnaround times as quotes are given, lines are bound and endorsements are signed ‘on the spot’.
A new concept for the local market, brokers are able to meet specialist property, power and onshore energy underwriters from eleven Lloyd’s syndicates on Thursdays from 10.00 to 12.00.
Political risks and trade credit underwriters from eight syndicates will be present each Wednesday from 14.00 to 16.00.
Nam Quach, Broking Manager at Bowring Marsh believes the face-to-face trading sessions shorten his placement process: “By coming to the open trading session, I can cut out three calls and four emails back and forth to the underwriter. It also allows for better understanding of complex cases and it’s easier to get my points across at these sessions than through email.”
Vipul Shetty, a broker from Marsh was happy about his first visit to Lloyd’s Open Trading Session: “I came today to complete a particular endorsement which I was able to do; it saved me a lot of time. It’s a great format as you can have an open discussion with the underwriter that you can’t do over emails,” said Shetty.
The format has been a great success so far with more than 40 brokers attending the first political risks and trade credit session held this week. Miles Johnstone, head of Structured Credit and Political Risk, Asia for Aon Risk Solutions commented: “Credit and political risk insurance is a specialist market, and the technically complex nature of many of the transactions which are underwritten here requires face-to-face interaction. These trading sessions give us an opportunity to demonstrate best practices to our clients. It was very encouraging to see the level of activity at the first session - it is a sign of the increasing maturity of the market in Singapore.”
Michael Ng, property underwriter from ArgoGlobal believes: “the sessions have been very positive. There is more interaction and we can discuss complex issues more easily.”
The Lloyd’s Open Trading Sessions on Thursdays each week include underwriters from Allied World, Amlin, Atrium, Argenta, ArgoGlobal, Ascot, Beazley, Chaucer, Talbot, Tokio Marine Kiln and XL Catlin.
The Wednesday afternoon sessions include political risks and trade credit underwriters from Amlin, Beazley, Canopius, Chaucer, Markel, Talbot, Tokio Marine Kiln, and XL Catlin
Brokers are welcome to attend the Lloyd’s Open Trading Sessions which are held at:
Level 5, CapitaGreen, 138 Market Street, Singapore 048946
Wednesdays 14.00 – 16.00 Political risks and trade credit
Thursdays 10.00 – 12.00 Property, power and onshore energy
The Lloyd's Asia-Pacific hub consists of 24 syndicates and is the largest writer of off-shore insurance business into Singapore.
For further information, please contact:
Tel: +65 6870 9225 Email: firstname.lastname@example.org
Lloyd's is the world's specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licences. It is often the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks. Its strength lies in the diversity and expertise of the brokers and managing agents working at Lloyd’s, supported by capital from across the world. In 2016, more than 90 syndicates are underwriting insurance and reinsurance at Lloyd's, covering all lines of business from more than 200 countries and territories worldwide. Lloyd's is regulated by the Prudential Regulatory Authority and Financial Conduct Authority.