Lloyd’s underwriters can only accept risks and issue policies via insurance brokers. Brokers can place business with Lloyd’s in a variety of ways.
Australian Syndicate Service Companies
In Australia, Lloyd’s has a network of syndicate service companies with specialist local underwriters. A syndicate service company is generally a wholly owned subsidiary of a Lloyd’s managing agent. They can be directly accessed by all ASIC and AFSL-licensed Australian brokers. In Australia there are currently eight syndicate service companies – Arch Underwriting at Lloyds (Australia) Pty Ltd, Argenta Underwriting Australia, Beazley Underwriting, Ironshore Australia Pty Ltd, Newline Group, Starr Underwriting Agents (Asia) Ltd, Talbot Underwriting Australia, and XL Catlin.
There are approximately 120 additional underwriting agencies (known as coverholders) across Australia with authority to issue policies on behalf of Lloyd’s underwriters direct to brokers and clients.
Singapore Syndicate Service Companies
In Singapore, Lloyd’s has a regional underwriting hub with 23 Lloyd’s syndicates providing specialist cover for businesses across the Asia Pacific. These Lloyd’s underwriters can be directly accessed by all brokers.
Lloyd’s Registered Brokers
In London, brokers bring risks to the underwriters in the Lloyd's market on behalf of clients. These brokers are registered by Lloyd’s and use their specialist knowledge to locate the best underwriters and negotiate competitive terms and conditions on behalf of their clients. There are over 180 accredited firms of brokers working at Lloyd's in London, many of whom specialise in particular risk classes.