Following changes to the Lloyd's Act 1982, the amended paragraph 27 of the Underwriting Byelaw sets out the methods by which a managing agent may accept business. This includes accepting business from brokers who are not registered Lloyd's brokers.
Lloyd's has implemented rules to ensure that managing agents apply the same prudential standards that are required of Lloyd's brokers to any non-Lloyd's brokers with whom they directly deal. This will create a level playing field.
Lloyd's worked with the LMA to provide this practical guidance for managing agents in respect of dealing with non-Lloyd's brokers.
Download guidance on the acceptance of business direct from non-Lloyd's brokers
brokers@lloyds.com