broker registration
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Broker Registration. 7 th October 2014 David Charles-Jones – Lloyd’s d [email protected] 0207 327 6048. Agenda. Overview of Lloyd’s Market Why access Lloyd’s How to a ccess Lloyd’s capacity Lloyd’s Minimum Requirements Registered Broker – What are we looking for? - PowerPoint PPT PresentationTRANSCRIPT
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Broker Registration7th October 2014David Charles-Jones – Lloyd’s
[email protected] 0207 327 6048
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Agenda
► Overview of Lloyd’s Market
► Why access Lloyd’s
► How to access Lloyd’s capacity
► Lloyd’s Minimum Requirements
► Registered Broker – What are we looking for?
► How to make a registration run smoothly
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The Lloyd’s Market – Broker Driven
2011 2012 20130
5,000
10,000
15,000
20,000
25,000
Other Lloyd's Registered Brokers
GSP (£m)
Top 454%
5 to 1018%
11 to 30
19%
31+9%
Currently 211 Lloyd’s Registered Brokers
Premium distributed by broker ranking:
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Reasons to access the Lloyd’s market
► Access to 82 specialist insurers
► Knowledge and experience of underwriters
► Ability to accept difficult placements and unique risks
► Claims performance
► Capacity
► Market Security
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How to access Lloyd’s
► Coverholder model
► Service companies
► Working with other Lloyd’s Brokers
► Non-Lloyd’s Broker
► Lloyd’s Broker
Indirect Access
Direct Access
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Minimum Requirements
► Support from at least three Lloyd’s managing agents
► Regulatory approval
► Adequate systems, procedures and arrangements to conduct business in the Lloyd’s insurance market.
► Suitable procedures to safeguard insurance monies.
► Professional indemnity insurance that meets Lloyd’s minimum requirements.
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What is Lloyd’s Looking for?
► Firms that will produce business to the market
► New business
► Experienced personnel in placing business in Lloyd’s
► Relationships in the market
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Tips for success
► Work on the relationships with managing agents
– Time scales longer than you would imagine
► Allow suitable time for Xchanging process
– Bank mandates 6-10 weeks
– Testing and Training
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In Summary
►Lloyd’s is a broker driven market
►Direct access may be right for some
►Registration is not complicated
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Questions?
0207 327 6048