How to become a Lloyd's registered broker
Lloyd's is the foundation of the modern insurance industry. Will you play a role in our future?
As a registered Lloyd's broker you'll have direct access to a unique pool of underwriting expertise in the Lloyd's global marketplace. You'll find the opportunities especially attractive for clients requiring specialist, innovative or bespoke risk solutions.
Using their specialist knowledge to locate the best underwriters and negotiate the most favourable contractual terms, our brokers have been bringing outstanding opportunities to the Lloyd's market for more than 300 years.
Join our dynamic global team with clients in over 200 countries, and you'll help ensure Lloyd's continues to lead as a powerfully diverse international marketplace.
As a member of our prestigious community you'll benefit from the strength of Lloyd's internationally recognised brand, our team of global experts and our calendar of exclusive events.
Our registered brokers are all experts within their fields, demonstrating true commercial expertise, professionalism and integrity. We welcome suitable applications from brokers in the UK and overseas. Our Broker Relationship Management team are here to guide you through the registration process. To arrange your pre- application meeting get in touch today.
The process of becoming a registered Lloyd's broker has three main stages:
- Submission of our application form and £10,000 registration fee - download the form here
- Securing letters of support from managing agents
- Connecting to Xchanging, our business processing service
Additionally from 1 June 2019 all Lloyd’s brokers are required to be connected to an electronic system for the placement of contracts of (re)insurance. The details of this requirement are outlined here: Market Bulletin Y5227.
Before you apply, please contact the Lloyd's Broker Relationship Management team to inform us that you are interested in becoming a registered Lloyd's broker. You will then be invited to attend a pre application meeting at Lloyd's. The purpose of the meeting is for us to better understand your rationale for applying and provide an opportunity to discuss the process with you.
If you are established in, or have your main place of business in a country where Lloyd's has a Country Representative, you should first contact the Country Representative to discuss your intention to apply. A list of all Lloyd's Country Representatives can be found at: lloyds.com/lloyds-around-the-world
Lloyd's outsources a number of functions to a processing company called Xchanging including:
- Processing premiums and claims
- Checking or producing policies (where required)
- Providing data on behalf of the market for regulatory purposes
- Supporting Lloyd's Settlement and trust Fund Operations (STFO) which operates Lloyd's central accounting arrangements
In order to transact and process business in the Lloyd's market, your firm needs to be able to use Xchanging's systems. For more information please contact: