Lloyd’s announced that it has issued accreditation to four new brokers, including the first from India, as part of its ongoing initiative, launched in 2001, to widen access to the London market.
The brokers are CK Re, Harman Wicks & Swayne International, J B Boda & Co and The Broker Network Ltd., which consists of 120 member firms throughout the U.K. The group’s Managing Director, Grant Ellis, indicated that joining Lloyd’s would “make life significantly easier for our members in today’s difficult market. The accreditation will allow our brokers to contact underwriters in the Lloyd’s market directly, rather than using a London-based intermediary.”
J B Boda & Co. is the first Indian-owned business to be accredited at Lloyd’s. The broker handles business from the Far East, Malaysia and the Caribbean as well as its core Indian business. Dara Kapadia, Managing Director, noted that “This is a very important milestone in the 70-year history of the J B Boda Group, and one which it considers a particularly prized achievement, the first for an Indian broker. We look forward to successfully working with Lloyd’s in the future”
Lloyd’s first announced plans to introduce its new system of accreditation in 2000, and has been slowly admitting new brokers since 2001. A total of 156 brokers are currently allowed access to the Lloyd’s market.
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