Lloyd’s has started holding open trading sessions at its Singapore hub, which are designed to speed up insurance placements.
The sessions enable brokers to see multiple markets at one time and provide faster turnaround times as quotes are given, lines are bound and endorsements are signed on the spot, Lloyd’s said in a statement.
A new concept for the local market, brokers are able to meet specialist property, power and onshore energy underwriters from eleven Lloyd’s syndicates on Thursdays from 10 a.m. to noon.
In addition, political risks and trade credit underwriters from eight syndicates will be present each Wednesday from 2 p.m. to 4 p.m.
Nam Quach, broking manager at Bowring Marsh believes the face-to-face trading sessions shorten his placement process: “By coming to the open trading session, I can cut out three calls and four emails back and forth to the underwriter. It also allows for better understanding of complex cases and it’s easier to get my points across at these sessions than through email.”
Vipul Shetty, a broker from Marsh was happy about his first visit to Lloyd’s open trading session: “I came today to complete a particular endorsement which I was able to do; it saved me a lot of time. It’s a great format as you can have an open discussion with the underwriter that you can’t do over emails,” said Shetty.
The format has been a great success so far with more than 40 brokers attending the first political risks and trade credit session, which were held last week.
Miles Johnstone, head of Structured Credit and Political Risk, Asia for Aon Risk Solutions commented: “Credit and political risk insurance is a specialist market, and the technically complex nature of many of the transactions which are underwritten here requires face-to-face interaction. These trading sessions give us an opportunity to demonstrate best practices to our clients. It was very encouraging to see the level of activity at the first session – it is a sign of the increasing maturity of the market in Singapore.”
Michael Ng, property underwriter from ArgoGlobal, said: “The sessions have been very positive. There is more interaction and we can discuss complex issues more easily.”
The Lloyd’s open trading sessions on Thursdays each week include specialist property, power and onshore energy underwriters from Allied World, Amlin, Atrium, Argenta, ArgoGlobal, Ascot, Beazley, Chaucer, Talbot, Tokio Marine Kiln and XL Catlin.
The Wednesday afternoon sessions include political risks and trade credit underwriters from Amlin, Beazley, Canopius, Chaucer, Markel, Talbot, Tokio Marine Kiln, and XL Catlin.
Lloyd’s said that brokers are welcome to attend the sessions being held at: Level 5, CapitaGreen, 138 Market Street, Singapore 048946
The Lloyd’s Asia-Pacific hub consists of 24 syndicates and is the largest writer of offshore insurance business into Singapore, Lloyd’s said.