Lloyd’s to appoint local brokers

Facilitating access to specialist underwriting expertise

Lloyd’s underwriters will start to appoint accredited brokers to write reinsurance business, according to the Insurance Control Commission (ICC).

Lloyd’s is an international specialist insurance market, where more than 50 insurance companies, 200 registered brokers and a global network of over 4,000 brokers operate.

Local access to this market was previously available through Dubai and Cyprus.

Intermediaries should be licensed by the ICC and should go through the Lloyd’s brokers approval process to become local reinsurance ‘coverholders’ of the market.

This step is expected to provide a significant boost to the insurance sector as it facilitates the access to specialist underwriting expertise, according to the ICC.

The ICC said that licensing of coverholders in the country is a leap forward for the mediation business, in view of the advanced level of expertise and operational transparency required to obtain this credential.

Lloyd’s develops tailor-made policies covering more than 60 lines of insurance and reinsurance.

Reported by Gisele Khalaf