The wholesale story
Despite the emergence of service companies, the role of the wholesale broker remains crucial to regional brokers placing risks at Lloyd's. Nicolle Farthing explores how they have adapted to market changes
UK regional brokers can access the Lloyd's market in a number of ways but, in most instances, the Lloyd's broker is the first port of call.
Lloyd's brokers are able to set up guarantee agreements to provide access to Lloyd's underwriters. For high-volume, low-premium business, they can arrange binding authority with an underwriter. Brokers also can enter into a sub-agency arrangement via a Lloyd's wholesale broker, which will negotiate with underwriters on their behalf.
However, in order to bypass
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