Broker access to the Lloyd s market

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Broker access to the Lloyd s market

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1. Broker access to the Lloyd’s market Dominic Ford

2. Regulation of Lloyd’s brokers Insurance Brokers’ Registration Act 1977 Lloyd’s regulation General Insurance Standards Council (GISC) Financial Services Authority

3. Number of Lloyd’s brokers

4. World’s top 20 brokers (1998) 1 Marsh McLennan 2 Sedgwick 3 Alexander & Alexander 4 Johnson & Higgins 5 Corroon & Black 6 Frank B Hall 7 Willis Faber 8 Minet 9 Rollins Burdich 10 Jardine 11 C E Heath 12 Bain Clarkson 13 Hogg Robinson 14 Gallagher 15 Faugere & Jutheau 16 Jauch & Hubener 17 Hudig-Langeveldt 18 Gras Savoye 19 Sodarcan 20 Bayly. Martin & Fay

5. World’s top 20 brokers (1998) 1 Marsh McLennan 2 Sedgwick 3 Alexander & Alexander 4 Johnson & Higgins 5 Corroon & Black 6 Frank B Hall 7 Willis Faber 8 Minet 9 Rollins Burdich 10 Jardine 11 C E Heath 12 Bain Clarkson 13 Hogg Robinson 14 Gallagher 15 Faugere & Jutheau 16 Jauch & Hubener 17 Hudig-Langeveldt 18 Gras Savoye 19 Sodarcan 20 Bayly. Martin & Fay

6. World’s top 20 brokers (1998) 1 Marsh McLennan 2 Sedgwick 3 Alexander & Alexander 4 Johnson & Higgins 5 Corroon & Black 6 Frank B Hall 7 Willis Faber 8 Minet 9 Rollins Burdich 10 Jardine 11 C E Heath 12 Bain Clarkson 13 Hogg Robinson 14 Gallagher 15 Faugere & Jutheau 16 Jauch & Hubener 17 Hudig-Langeveldt 18 Gras Savoye 19 Sodarcan 20 Bayly. Martin & Fay

7. World’s top 20 brokers (1998) 1 Marsh McLennan 2 Sedgwick 3 Alexander & Alexander 4 Johnson & Higgins 5 Corroon & Black 6 Frank B Hall 7 Willis Faber 8 Minet 9 Rollins Burdich 10 Jardine 11 C E Heath 12 Bain Clarkson 13 Hogg Robinson 14 Gallagher 15 Faugere & Jutheau 16 Jauch & Hubener 17 Hudig-Langeveldt 18 Gras Savoye 19 Sodarcan 20 Bayly. Martin & Fay

8. World’s top 20 brokers (1998) 1 Marsh McLennan 2 Sedgwick 3 Alexander & Alexander 4 Johnson & Higgins 5 Corroon & Black 6 Frank B Hall 7 Willis Faber 8 Minet 9 Rollins Burdich 10 Jardine 11 C E Heath 12 Bain Clarkson 13 Hogg Robinson 14 Gallagher 15 Faugere & Jutheau 16 Jauch & Hubener 17 Hudig-Langeveldt 18 Gras Savoye 19 Sodarcan 20 Bayly. Martin & Fay

9. World’s top 20 brokers (1998) 1 Marsh McLennan 2 Sedgwick 3 Alexander & Alexander 4 Johnson & Higgins 5 Corroon & Black 6 Frank B Hall 7 Willis Faber 8 Minet 9 Rollins Burdich 10 Jardine 11 C E Heath 12 Bain Clarkson 13 Hogg Robinson 14 Gallagher 15 Faugere & Jutheau 16 Jauch & Hubener 17 Hudig-Langeveldt 18 Gras Savoye 19 Sodarcan 20 Bayly. Martin & Fay

10. World’s top 10 brokers (2000) 1 Marsh McLennan 2 Aon 3 Willis 4 Arthur J Gallagher 5 Wells Fargo 6 Jardine Lloyd Thompson 7 Heath Lambert 8 Alexander Forbes 9 USI 10 Hilb, Rogal & Hamilton

11. % Lloyd’s business placed by top 3 brokers

12. Lloyd’s broker accreditation To attract new, high quality, large and professional specialist intermediaries or the overseas offices/subsidiaries of existing large Lloyd’s brokers. To ensure that new brokers are of the highest standing and reputation, in particular in terms of their financial strength and creditworthiness, and have the potential to bring new business to Lloyd’s.

13. Accreditation requirements Regulatory Financial Operational & professional

14. Regulatory requirements (GISC) Code of conduct Insurance money segregation Professional indemnity insurance Solvency Financial reporting Complaints handling Training and competence

15. Professional indemnity insurance requirements Minimum limit of indemnity: 4x net retained brokerage Minimum requirement £3,000,000 Maximum requirement £20,000,000 Excess must not exceed 25% net tangible assets £2,500,000

16. Financial requirements Profitability Stability Strength Expectation Trading history (preferably at least three years) Share capital £50,000 Net assets £250,000 Brokerage £1,000,000 Information Audited financial statements Financial analysts’ report

17. Operational & professional Business intentions Knowledge & experience (CV’s) Local market source for general standing of the company in the market Talk to local regulator and trade associations where appropriate “Unsuitability” - bankruptcy, criminal record Visits where feasible Interface with Lloyd’s business systems Adoption of London Market Principles (LMP) Terms of business agreements (TOBA) Divestment Fee

18. Further information www.lloyds.com/brokers [email protected] +44 (0)20 7327 6524

19. New Lloyd’s brokers 49 new Lloyd’s brokers 10 group member access Aon Re Italia, BDB, Benfield Greig (Asia & Paris), Harman Kemp, Harman Wicks & Swayne International, International Risk Solutions, Meridian, Monument UK, Somerville Market Solutions 25 UK brokers AAA, Argyll, Broker Network, Camberford Law, CK Re, Gina Fitzgerald, Gresham, Grimme Butcher Jones, Grosvenor Brokers, HW Wood, JB Boda, James Hampden, London Market Insurance Brokers, Maestro Tasker, Market Insurance Brokers, Nausch Hogan Murray, Parker Norfolk, Pendleton May, Priest, Société Anonyme D’Intermédiaires Luxembourgeois (SAIL), SSL, Texel Finance, WT Butler, W Denis, Woodgate 14 overseas brokers Beach & Associates, BF Lorenzetti, COSCO, Crescent Global Services, Elliott Special Risks, FP Marine, Groupe Eyssautier, The Hanleigh Companies, Hooper Dolan, International Space Brokers, Kirecon, Mondialbrokers, OAMPS, WBA

20. New Lloyd’s brokers

21. New Lloyd’s brokers “This is an important development as it gives our member companies access to Lloyd’s capacity and its specialist markets.” SAIL “Lloyd’s is a substantial provider of space insurance capacity and it is critical that our clients have access to that capacity” International Space Brokers

22. Broker access to the Lloyd’s market Dominic Ford

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