Wholesale reflections.
The wholesale market has come a long way since its origins in the Lloyd's market. Tony Cornell reflects on how it became an essential part of the industry and looks at where it is heading.
Originally, the wholesale market was driven by Lloyd's and itsbrokers. The only access to the market was via a Lloyd's broker, which
acted as the placing broker for overseas and UK-based business. Most
brokers had substantial UK business and placed a proportion of this
through the Lloyd's market.
In the 1960s and 1970s, however, distribution in the UK market place
changed dramatically. Provincial broking surged, as many ex-company men
set up their own businesses. These brokers obtained control of
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