WIN Magazine - Spring 2014 - (Page 17)
Toward a More Educated Coverholder
BY RODNEY SMITH
OR MORE THAN a century, Lloyd's
has been a key participant in the U.S.
(re)insurance marketplace. Working
with brokers and coverholders, we've
provided businesses and organizations with creative solutions to their
risk management challenges. Lloyd's syndicates wrote
more than $8 billion in E&S and $5 billion in reinsurance premium last year1, in the process maintaining
positions as the leading E&S insurer and third largest
reinsurer in the U.S. From a global perspective, the U.S.
remained Lloyd's largest market, contributing 38% of
For many years, coverholders have been among
Lloyd's most valuable distribution partners. The combination of product line expertise, binding authority
and access to business Lloyd's may not see in London
underpins this mutually rewarding relationship.
In 2013, coverholders produced 30% of our E&S premium from almost 800 locations around the country.
Many of them are AAMGA members, as shown in the
Lloyd's is committed to the education of insurance professionals in the E&S marketplace and offers a variety of
opportunities in London and the U.S. Among them is the
Andrew Beazley Broker Academy at Lloyd's, a program
designed to provide participants with a week of "standing
in the shoes" of Lloyd's underwriters. Graduates return to
the U.S. with a keen understanding of the underwriting
process and business transaction in the world's oldest
and largest (re)insurance market.
We also offer the Lloyd's and London Market
Introductory Test (LLMIT), which develops awareness
and understanding of business placement in the London
market. LLMIT was developed by the Lloyd's LLMIT
Education Committee, a group of market representatives including subject matter experts and Corporation
of Lloyd's colleagues. Having successfully completed
the LLMIT course, the student will have received an essential grounding in the working practices and processes
at Lloyd's. The course work and test are available online.
Those attending the 2014 AAMGA University East
program in Atlanta participated in the class: "Lloyd's:
Behind the Scenes" presented by Lloyd's America. Among
topics to be covered were classes of business, the market's structure, underwriting performance, governance,
business processing and reinsurance.
This course is one of three developed by Lloyd's America
to encourage understanding and utilization of the Lloyd's
market by our U.S. distribution partners. We've proudly
offered these courses at AAMGA University since 2012.
From offices in Atlanta, Boston, Chicago, Frankfort
KY, Los Angeles and New York, Lloyd's America reaches
a wide range of stakeholders in Lloyd's-from brokers,
coverholders and cedants to capital providers, regulators,
universities and the media. We look forward to answering your questions and facilitating access to Lloyd's for
you and your clients.
Rodney Smith is Southeast Regional Director for
Lloyd's America based in Atlanta, GA. Contact him at:
AAMGA Coverholder members accounted for $3.26 billion of that
total in direct written premium.
W I N | S p r i n g 2 0 14 | 17
Table of Contents for the Digital Edition of WIN Magazine - Spring 2014
Cover Story: Will Technology Commoditize Your Business?
The Future of Data in London
Technology Adoption by the Numbers: Before Automating, Examine Process and People
What Appears Innovative Today Will Be Expected Tomorrow
London Market Modernization: A Continuous Path to Excellence
Lloyd’s: Behind the Scenes Toward a More Educated Coverholder
FHA Mortgages and the NFIP: Opening the Flood Gates
17 Terrific Negotiating Tips
American Jobs for America’s Heroes Campaign Makes it Easy and Free to Hire National Guard and Other Vets
In the WIN-ner’s Circle
Index to Advertisers/Advertisers.com
WIN Magazine - Spring 2014