Insurance Groups For Cars - Lloyds of London

Edward Lloyd opened a coffee house in 1688, encouraging a clientele of ships' captains, merchants and ship owners - earning him a reputation for trustworthy shipping news. This ensured that Lloyd's Coffee House became recognised as the place for obtaining marine insurance.

Members of Lloyds of London provide the supporting capital on which the market is built. Corporate members include international insurance companies, such as Munich Re, Berkshire Hathaway, Ace and XL. Individual members providing capital are known as 'Names'.

Underwriting Syndicates
An insurance syndicate is a group of Lloyds members, corporate or individual, who provide capital to back the liabilities they insure. Syndicates are annual ventures that operate as independent business units within the Lloyds market and are run by managing agents, who appoint the underwriting team which writes risk on behalf of the syndicate membership.
There are 66 insurance underwriting syndicates operating within the market, covering many speciality areas including:
• Marine
• Aviation
• Catastrophe
• Professional indemnity
• Motor

Syndicates tailor solutions to respond to the specific risks of the client base. Syndicates compete for business, thus offering choice, flexibility and continuing innovation. Syndicates cover either all or a portion of the risk and are staffed by underwriters, the insurance professionals on whose expertise and judgement the market depends.

Managing Agents
Syndicates are run by managing agents who are given a franchise to operate within the Lloyds market. Some managing agents are quoted companies listed on the stock exchange, others are private companies. In some instances, managing agents act as capital providers to the syndicates they manage and so have a multi-faceted role as corporate members of the market, agents and franchisees.

Lloyds Brokers
Accredited Lloyds brokers place risk in the Lloyds market on behalf of clients. These brokers use their specialist knowledge to negotiate competitive terms and conditions for clients. There are over 166 firms of brokers working at Lloyds, all of whom have a good understanding of the Lloyds market and many of whom specialise in particular risk categories.

Lloyds operates an accreditation process for brokers seeking access to the Lloyds Market. All brokers must be GISC or equivalent registered. Lloyds performs a careful assessment of all applicant insurance brokers, affirming their reputation and financial standing and investigating the character and suitability of officers and employees before making the decision to accredit. Firms receive provisional accreditation for three years before becoming entitled to use the term “Lloyds Broker”.

Local Brokers
Any insurance broker can access the expertise and resources of Lloyds by making contact with an accredited Lloyds broker.

Please note, conditions will apply for all of the insurance groups for cars products mentioned above, please contact the insurer concerned for more information.

Lloyds of London Insurance Group

Website Address www.lloyds.com