MKFS broker is working in Lloyd's market. Lloyd’s is the world’s specialist insurance market. Unlike many other insurance brands, Lloyd's is not a company; it's a market where members join together as syndicates to insure risks.
Lloyd’s accept business from over 200 countries and territories worldwide.
What is Lloyd's?
Unlike many other insurance brands, Lloyd's is not a company; it's a market where members join together as syndicates to insure risk. Much of Lloyd’s business works by subscription, where more than one syndicate takes a share of the same risk. Business is conducted face-to-face between brokers and underwriters in the Underwriting Room. When we talk of Lloyd’s, we’re really referring to two distinct parts. The market, which is made up of many independent businesses, and the Corporation of Lloyd’s, which is there – broadly speaking – to oversee that market. These parts are distinct, but far from independent. Both work closely to maintain high standards of performance across the market.
The Lloyd's market
The Lloyd’s market is home to 56 managing agents and 91 syndicates, which offer an unrivalled concentration of specialist underwriting expertise and talent. Business at Lloyd’s is still conducted face-to-face, and the bustling Underwriting Room is central to the smooth running of the market. The market structure encourages innovation, speed and better value, making it attractive to policyholders and participants alike. Immediate access to decision-makers means that answers on whether a risk can be placed are made quickly, enabling the broker to provide fast, good-value solutions. The majority of business written at Lloyd’s is placed through brokers who facilitate the risk-transfer process between clients (policyholders) and underwriters. Clients can discuss their risk needs with a broker, a coverholder or a service company. Specialist underwriters for each syndicate price, underwrite and handle any subsequent claims in relation to the risk.
How the Lloyd's market works
The Corporation of Lloyd's
The Corporation oversees and supports the Lloyd’s market, ensuring it operates efficiently and retains its reputation as the market of choice for specialist insurance and reinsurance risk. It comprises many different teams, from International Markets and Business Development to Claims and Market Operations. These teams work together to promote Lloyd’s around the world, raise performance and manage Lloyd’s worldwide licences. The Corporation has more than 800 employees worldwide.Maintaining and developing the attractiveness of the market
- Managing and developing Lloyd’s global network of licences and the Lloyd’s brand.
- Taking action in the long-term interests of the market.
- Preserving Lloyd’s diversity and London-based business model.