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Broker Registration

Broker Registration. 7 th October 2014 David Charles-Jones – Lloyd’s d avid.charles-jones@lloyds.com 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?

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Broker Registration

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  1. Broker Registration 7th October 2014David Charles-Jones – Lloyd’s david.charles-jones@lloyds.com 0207 327 6048

  2. 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

  3. The Lloyd’s Market – Broker Driven Currently 211 Lloyd’s Registered Brokers Premium distributed by broker ranking:

  4. 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

  5. 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

  6. 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.

  7. 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

  8. 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

  9. In Summary • Lloyd’s is a broker driven market • Direct access may be right for some • Registration is not complicated

  10. Questions?David.charles-jones@lloyds.com0207 327 6048

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