Lloyd’s Awards U.S. Brokers; Accredits New Asian, 2 London Brokers

March 13, 2003

Lloyd’s of London announced that Constance Curnow of Guy Carpenter and Gerald J. Sullivan of The Sullivan Group are the first brokers to win the Lloyd’s U.S. Broker Awards. The awards for U.S. Reinsurance Broker of the Year 2002 and U.S. Surplus Lines Broker of the Year 2002 were presented at a ceremony in London at the Lloyd’s Building on March 5, 2002.

Lloyd’s announcement said that the two awards had been established “In recognition of Lloyd’s growing role in U.S. insurance and reinsurance markets—to honor individuals within the U.S. broking community for their outstanding contributions to the Lloyd’s market.” It added, “The criteria against which nominations were judged included adding value to the distribution chain, dedication to customer relations, and taking time to understand the Lloyd’s market.”

Lord Levene, Lloyd’s Chairman, stated, “I congratulate both Constance and Gerald and thank them for their hard work, dedication and energy. Without people like them, Lloyd’s would not be the success it is in the U.S. today. We set up these awards to recognize excellence and dedication and are delighted to present them to two such worthy recipients in this first year.”

“I am delighted to win this award in its inaugural year. Lloyd’s has always been part of the U.S. scenery and there is good opportunity for growth in Lloyd’s especially given the commitment of Lloyd’s underwriters to our customers,” Curnow responded.

“Lloyd’s presence in the U.S. market is imperative as it deals with the ‘out of the ordinary’ risks which are appearing more frequently in today’s market,” Sullivan observed. “The Lloyd’s market has entrepreneurial spirit and underwriters always entertain new ideas. This is really important in the surplus lines arena as new risks are always filtered through this segment of the market,” he continued.

Lloyd’s also announced that Hong Kong-based broker FP Marine Risks Ltd. has become the latest insurance broker in Asia to be granted direct access to Lloyd’s, and that two London-based brokers, H.W. Wood Ltd. and Monument UK Ltd., have also gained accreditation.
FP Marine Risks was established in January 1994 and provides marine insurance solutions for the Asian shipping and trading communities. “Accreditation will allow FP Marine brokers to contact Lloyd’s underwriters directly without using a London-based intermediary,” said the bulletin.

Executive Director, Philip Bilney stated “This is an exciting development for us. It comes at a time when Lloyd’s is not only enjoying unprecedented underwriting capacity but is also focusing its resources on developing the market’s business in China and the Asia Pacific-Region.”

Executive Director, Charles Whiteaway observed that “Lloyd’s remains the single most important marine insurance market in the world and an unparalleled centre of expertise. FP Marine Risks has had a long and fruitful relationship with the London market and we hope that this latest development will benefit clients and underwriters alike.”

H.W. Wood, part of the Hugh Wood Group, was established in 1981 and specializes in high net worth insurance. Managing Director, John Hayward, stated, “For many years, the global Hugh Wood Organisation has been placing a major part of its business into the Lloyd’s market through a number of established Lloyd’s brokers. It is an obvious and rational step that our London City-based company, H.W. Wood Limited, should apply for Lloyd’s accreditation in its own right, and we are delighted that this has now been granted. We look forward to using the flexibility and stability of the world’s oldest and most important insurance provider to the mutual benefit of our clients and the Lloyd’s underwriters with whom we will deal.”

Monument UK is the second Primary Group broker to be accredited. Established in 2001, it specializes in non-marine insurance. Executive Chairman Andrew Moulton indicated, “Monument UK is a new broking organisation within the Primary Group. We are delighted that the accreditation coincides with an excellent start to the year. We are dedicated to strengthening our position in highly specialized areas. This accreditation will allow us to achieve the entrepreneurial and innovative business plan that we have worked hard to deliver, resulting in future expansion and possible diversification.”

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