The Lloyds of London Insurance market is the oldest in the world, founded in 1688 by Edward Lloyd after whom the market is named.
Historically Lloyds was exclusively a marine insurance market that branched out into householders insurance in the early 1900’s and has never looked back, and has since expanded into 100’s of differing insurance market.. It is the only market in the world governed by an act of parliament.
Because of its unique history and knowledge, Lloyds is at the head of the world insurance industry writing over USD$16 billion in premiums in ground breaking products, as well as more traditional lines.
Its capacity to attract high caliber individuals with an entrepreneurial outlook keeps it at the forefront of the industry. It insures everything from earthquake damage in California to satellites spinning around the earth, through to high value sports stars against career ending injury, fine art to highly specialist industries like life sciences and cyber activities and occupations.
Lloyd's is a "closed" market and can only be accessed by accredited Lloyds brokers that number approximately 150 globally. Most are based in the city of London in close proximity to the Lloyd’s market giving ease of access for their clients from around the world.
The Lloyd’s Approval Process
Lloyds is licensed to underwrite business from over 120 countries around the world. Lloyds brokers generate this business on their behalf. For them to access the market they have to not only be approved by their own regulator, but by Lloyd’s centrally and the individual syndicates that make up the market that they trade with. Because of the specialist nature of the underwriters they deal with most Lloyds brokers specialise in similar classes of business either as individuals or within divisions.
Because of the three tier approval process Lloyd’s brokers generally meet stricter requirements than those set by local regulators. Most of the USD$16 billion in premiums Lloyds underwriters receive is processed via Lloyds brokers and they are a very important and integral part of the market.