Indian cedants can access the Lloyd’s underwriters through an IRDAI-registered reinsurance broker. To access the Lloyd’s underwriters in London, the Indian cedant can approach a Lloyd’s broker in the UK (electronically) and seek the placement of the reinsurance risk with Lloyd’s in the UK.
Unlike the requirement for placing risk into the Lloyd’s market, IRDAI-registered reinsurance brokers in India do not need to be a Lloyd’s registered broker to transact with Lloyd’s in India.
In India, we currently have one service company with specialist underwriters providing cover for businesses in India, complementing the bulk of India-domiciled business written offshore by the Lloyd’s market. A service company is generally a wholly-owned subsidiary of a Lloyd’s managing agent.