Calls for Lloyd’s of London to widen brokers’ access
STUART Reid, boss of insurance broking giant Bluefin, has urged Lloyd’s of London to widen access for brokers to its insurance marketplace as part of its strategic review.
Reid has said enabling all brokerages to do business with Lloyd’s syndicates, rather than a select group, would allow consumers and businesses around the world to get the widest range of cover at the best prices.
Only certain brokers are currently allowed to trade on Lloyd’s – they are the only way consumer and business “outsiders” can get insurance against risks on the marketplace.
“Bluefin is a Lloyd’s broker but, for those brokers which are not, access to the Lloyd’s market place is difficult and comes via wholesale brokers,” he told Morning Wire “This practice is antiquated and is bad for the industry and consumers.”
He said if access was widened the review will secure the City’s position as the global capital of insurance.
“Lloyd’s has struggled to have a single, coherent plan and voice. The stronger voices from the more powerful syndicates within the marketplace tended to dictate the direction of Lloyd’s. The new review will help Lloyd’s move in a unified way.”