First Non-UK Based Brokers Enter Lloyd's of London

Apr 27, 2001, 01:00 ET from Lloyd's of London

    LONDON, April 27 /PRNewswire/ -- Six new insurance brokers have been
 admitted to Lloyd's of London, including the first non-UK based brokers ever
 to be granted direct access to the market.
     These brokers/intermediaries represent the first tranche to be accredited
 under the new rules for direct access announced last year and can begin
 operating in the market with immediate effect.
     The six new brokers/intermediaries are:
 
     Broker                                             Country of operation
     Benfield Greig Asia PTE Ltd                        Singapore
     Benfield Greig Paris S.A.                          France
     Groupe Eyssautier                                  France
     Grosvenor Brokers (America) LLC                    UK
     SAIL
      (Societe Anonyme D'Intermediaires Luxembourgeois) Luxembourg/UK
     BDB Ltd                                            UK
 
     Julian James, Director, Worldwide Markets, Lloyd's said:
 
     "In 2000, Lloyd's promised to simplify access to the market.  Admittance
     of these brokers is the first part of this process.
 
     "Each of these new brokers is well known and respected in their class of
     business and by entering Lloyd's they can provide their customers with
     greater choice and flexibility. Lloyd's will continue to encourage
     brokers, both in the UK and overseas, to access the market and more
     brokers will be accredited over the coming months."
 
     The new broker process seeks to simplify access to the market and
 recognizes the increasing globalization of business.
 
     David Spiller, C.E.O., Benfield Greig Ltd said:
 
     "Benfield Greig has a track record of harnessing technology for the
     benefit of its customers and markets.  We believe that there are
     circumstances where direct access to Lloyd's by our Singapore and Paris
     subsidiaries will deliver greater value more speedily to customers, not
     least in the streamlining of the business process.  We have chosen these
     two offices as a first step and if successful, may broaden this to other
     subsidiaries."
 
     Paul-Eric Eyssautier, Managing Director of newly accredited Groupe
 Eyssautier said:
 
     "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 existing broker process was put in place following feedback from a
 discussion document issued in October 1999. The aim of changing the process
 was to make the market more streamlined in terms of access and increase the
 eligibility of placing business directly into the market.
     Since January 1, 2001, when Lloyds opened up to accreditation
 applications, there have been more than 200 expressions of interest.  The
 Lloyd's market currently has 128 brokers, now to be increased by a further
 six.
 
     For further information, please contact Lloyd's:
 
                Sarah Pelling                 Adrian Beeby
     Tel:       +44-0-20-7327-6256            +44-0-20-7327-6272
     Fax:       +44-0-20-7327-6233            +44-0-20-7327-6233
     e-mail:    sarah.l.pelling@lloyds.com    adrian.beeby@lloyds.com
 
     Lloyd's web site: http://www.lloydsoflondon.com
 
     Lloyd's is the world's leading insurance market with a capacity to accept
 insurance premiums of more than 11 billion pounds sterling.  In 2001, 108
 syndicates are underwriting insurance at Lloyd's, covering all classes of
 business from more than 100 countries worldwide.  Approximately five per cent
 of world reinsurance is placed at Lloyd's which also accounts for half of the
 London market's international insurance premiums.  The market has an A
 claims-paying rating from AM Best and an A+ rating from Standard & Poor's.
 
     Notes to editors:
     The accreditation system aims to attract new, high quality intermediaries
 or the overseas offices/subsidiaries of existing Lloyd's brokers.  As well as
 being of high standing and reputation, in terms of their financial strength
 and creditworthiness, brokers must have the potential to bring new business
 into the Lloyd's market.  They must satisfy the following commercial
 requirements:
 
     *     GISC/equivalent standards
     *     Professional Indemnity insurance (minimum of 3 million pounds)
     *     ability to interface with Lloyd's computer/IT systems
     *     requirement to sign up to London Insurance Market Modernisation
           Programme (LMP 2001)
     *     sign a Terms of Business Agreement with Lloyd's managing agents
     *     paid-up capital of at least 50,000 pounds
     *     business intentions
     *     knowledge and experience
 
     Full details of the accreditation requirements are listed in the booklet,
 "Accreditation of Lloyd's Brokers - A Guide for Applicants".  Copies of the
 booklet are available from: Lloyd's Broker Services Department
 tel: +44 (0)20 7327 6465/6524 or by visiting http://www.lloydsoflondon.com.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X67761498
 
 

SOURCE Lloyd's of London
    LONDON, April 27 /PRNewswire/ -- Six new insurance brokers have been
 admitted to Lloyd's of London, including the first non-UK based brokers ever
 to be granted direct access to the market.
     These brokers/intermediaries represent the first tranche to be accredited
 under the new rules for direct access announced last year and can begin
 operating in the market with immediate effect.
     The six new brokers/intermediaries are:
 
     Broker                                             Country of operation
     Benfield Greig Asia PTE Ltd                        Singapore
     Benfield Greig Paris S.A.                          France
     Groupe Eyssautier                                  France
     Grosvenor Brokers (America) LLC                    UK
     SAIL
      (Societe Anonyme D'Intermediaires Luxembourgeois) Luxembourg/UK
     BDB Ltd                                            UK
 
     Julian James, Director, Worldwide Markets, Lloyd's said:
 
     "In 2000, Lloyd's promised to simplify access to the market.  Admittance
     of these brokers is the first part of this process.
 
     "Each of these new brokers is well known and respected in their class of
     business and by entering Lloyd's they can provide their customers with
     greater choice and flexibility. Lloyd's will continue to encourage
     brokers, both in the UK and overseas, to access the market and more
     brokers will be accredited over the coming months."
 
     The new broker process seeks to simplify access to the market and
 recognizes the increasing globalization of business.
 
     David Spiller, C.E.O., Benfield Greig Ltd said:
 
     "Benfield Greig has a track record of harnessing technology for the
     benefit of its customers and markets.  We believe that there are
     circumstances where direct access to Lloyd's by our Singapore and Paris
     subsidiaries will deliver greater value more speedily to customers, not
     least in the streamlining of the business process.  We have chosen these
     two offices as a first step and if successful, may broaden this to other
     subsidiaries."
 
     Paul-Eric Eyssautier, Managing Director of newly accredited Groupe
 Eyssautier said:
 
     "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 existing broker process was put in place following feedback from a
 discussion document issued in October 1999. The aim of changing the process
 was to make the market more streamlined in terms of access and increase the
 eligibility of placing business directly into the market.
     Since January 1, 2001, when Lloyds opened up to accreditation
 applications, there have been more than 200 expressions of interest.  The
 Lloyd's market currently has 128 brokers, now to be increased by a further
 six.
 
     For further information, please contact Lloyd's:
 
                Sarah Pelling                 Adrian Beeby
     Tel:       +44-0-20-7327-6256            +44-0-20-7327-6272
     Fax:       +44-0-20-7327-6233            +44-0-20-7327-6233
     e-mail:    sarah.l.pelling@lloyds.com    adrian.beeby@lloyds.com
 
     Lloyd's web site: http://www.lloydsoflondon.com
 
     Lloyd's is the world's leading insurance market with a capacity to accept
 insurance premiums of more than 11 billion pounds sterling.  In 2001, 108
 syndicates are underwriting insurance at Lloyd's, covering all classes of
 business from more than 100 countries worldwide.  Approximately five per cent
 of world reinsurance is placed at Lloyd's which also accounts for half of the
 London market's international insurance premiums.  The market has an A
 claims-paying rating from AM Best and an A+ rating from Standard & Poor's.
 
     Notes to editors:
     The accreditation system aims to attract new, high quality intermediaries
 or the overseas offices/subsidiaries of existing Lloyd's brokers.  As well as
 being of high standing and reputation, in terms of their financial strength
 and creditworthiness, brokers must have the potential to bring new business
 into the Lloyd's market.  They must satisfy the following commercial
 requirements:
 
     *     GISC/equivalent standards
     *     Professional Indemnity insurance (minimum of 3 million pounds)
     *     ability to interface with Lloyd's computer/IT systems
     *     requirement to sign up to London Insurance Market Modernisation
           Programme (LMP 2001)
     *     sign a Terms of Business Agreement with Lloyd's managing agents
     *     paid-up capital of at least 50,000 pounds
     *     business intentions
     *     knowledge and experience
 
     Full details of the accreditation requirements are listed in the booklet,
 "Accreditation of Lloyd's Brokers - A Guide for Applicants".  Copies of the
 booklet are available from: Lloyd's Broker Services Department
 tel: +44 (0)20 7327 6465/6524 or by visiting http://www.lloydsoflondon.com.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X67761498
 
 SOURCE  Lloyd's of London