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Lloyd's Broker Registration - How to Access Lloyd's Market Successfully

Join us on 7th October 2014 for an overview of the Lloyd's Market, learn how to access Lloyd's capacity, and understand the minimum requirements for becoming a registered broker. Explore the benefits of accessing the Lloyd's market and discover tips for a smooth registration process. Don't miss out on this opportunity to expand your insurance business! [500 characters]

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Lloyd's Broker Registration - How to Access Lloyd's Market Successfully

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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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