Lloyd’s announced that it will donate $300,000 to the Derek Hughes/NAPSLO Educational Foundation, Ltd. to encourage the educational development of students and professionals interested in the excess and surplus lines business.
“The funds, which will be distributed over three years, will allow colleges, universities and other educational institutions to obtain grants for research studies and other insurance related projects, and will support scholarships and financial aid for students pursuing studies in insurance at the college or graduate school level,” said the announcement.
“Lloyd’s is committed to supporting the development of insurance professionals in the US, and to solidifying the relationships Lloyd’s underwriters have here,” stated Wendy Baker, President of Lloyd’s America. “This donation represents an investment in the long term future of the US surplus lines industry.”
Lloyd’s Chairman Lord Peter Levene observed that the U.S. is “Lloyd’s largest market, and we are committed to building on the relationships we have in America. We are delighted to be able to support professionals in the surplus lines industry.”
The bulletin described the Derek Hughes/NAPSLO Educational Foundation as “dedicated to encouraging the educational development of all those interested in the excess and surplus lines business, and to creating an understanding and overcoming the misperceptions of the surplus lines market.”
Joseph D. Timmons, CPCU, ASLI, President of the Foundation, stated: “We are grateful for the support from Lloyd’s. This donation will make a very significant contribution to further the work of the Foundation in educating regulators, students and insurance practitioners about the US surplus lines industry.”
NAPSLO President Jim Griffith observed : “Lloyd’s is a major player in the US surplus lines industry. It is admirable that they are dedicated to developing the future leaders in the industry.”
The announcement noted that “for the past decade the Derek Hughes/NAPSLO Educational Foundation has provided an annual grant to AM Best Company for its annual review of the excess and surplus lines industry and has provided research grants to colleges and universities to support the study of insurance issues.
The announcement stressed that “the surplus lines market plays an important role in providing insurance for hard to place risks,” with the ability to accommodate a wide variety. It acts as a “complement to the admitted market. Often called the ‘safety valve’ of the insurance industry, surplus lines fills the need for coverage in the marketplace by insuring those risks that would otherwise not be protected.”
Lloyd’s also noted that it is “the second largest surplus lines insurer in the US, writing over $4 billion worth of business,” and that 35 percent of its global business comes from the U.S.
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