Of the six new brokers admitted to Lloyd’s select fraternity five are based outside of the U.K., marking the first time that the venerable institution has given foreign brokers direct access to the Lloyd’s market.
Beginning this year Lloyd’s revamped and updated its procedures for admitting brokers in an effort to increase access to the London market. It announced that the following brokers were the first to be admitted under the new rules:
Benfield Greig Asia PTE Ltd. – Singapore
Benfield Greig Paris S.A. – France
Groupe Eyssautier – France
Grosvenor brokers (American) LLC – U.K.
SAIL (Société Anonyme D’Intermediaries Luxembourgeois) -Luxembourg/U.K.
BDB Ltd.- U.K.
As five out of the six new brokers already have strong ties to the Lloyd’s market their admission is somewhat less revolutionary than than it might appear. Nonetheless it opens the way for more foreign brokers to apply, and signals Lloyd’s readiness to significantly enlarge the number of brokers who can deal directly with its syndicates.
Paul-Eric Eyssauitier, managing Director of France’s Group Eyssauitier nicely summarized several aspects of the new procedures, stating, “As an international marine broker, I felt the next logical step for us was to apply for either the ISO quality mark or Lloyd’s access. I chose Lloyd’s because the accreditation process was more practical and efficient, and the Lloyd’s name counts for much more in the international marine community. Gaining accreditation to Lloyd’s does count as a quality mark. It also allows us to become a fully international placing broker able to take advantage of the globalization of the insurance industry.”
The French group epitomizes the type of business Lloyd’s changes in procedures is designed to attract. As of February Lloyd’s had sent accreditation information to over 150 interested brokers around the world. It’s received a number of applications which are still being processed, and more new brokers can be expected to be admitted soon.
Full details of the accreditation requirements are given in “Accreditation of Lloyd’s Brokers – A Guide for Applicants,” which can be obtained directly from Lloyd’s Broker Services Dept.- Tel: 44 20 7327 6465/6524, or by visiting Lloyd’s website at: http://www.lloydsoflondon.com
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