Reinsurance News

LMA to offer “at the box or in the office” availability

7th February 2022 - Author: Katie Baker

The Board of the Lloyd’s Market Association (LMA) has entered a market-wide agreement on “at the box or in the office” availability, ensuring Lloyd’s underwriters be physically present for in-person trading with brokers.

Lloyd'sIts broker will be available on Tuesdays, Wednesdays, and Thursdays, and will either be based in Lloyd’s Underwriting Room or in their offices.

Accompanying the agreement are details of underwriters’ availability in certain classes of business, published by the LMA and available here.

Andrew Brooks, Chairman of the LMA and CEO of Ascot Underwriting Ltd, said: “This commitment underlines the importance of face-to-face trading in Lloyd’s.

“The ability to trade in person, to discuss specific risks personally in detail, is part of the singular value chain that Lloyd’s provides. Brokers, underwriters, and insureds all stand to benefit from ensuring this type of trading, unique to Lloyd’s, continues well into the future.

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“This availability agreement allows everyone to trade as they wish: at the box, in the office, or remotely, without accidently losing the advantages of trading in the Room.

“Personally, I’m looking forward to meeting our broker partners and underwriting colleagues at Lloyd’s or in their offices in the months to come.”

Patrick Davison, Underwriting Director of the LMA, added: “We saw approximately 1,200 brokers and underwriters enter the Lloyd’s Underwriting Room on each of Tuesday, Wednesday and Thursday during the first week in February – numbers similar to November 2021, when the market first returned to more normal levels of attendance.

“The commitment from LMA members to return to trade in person in the Room is made in support of the efficient negotiation and placement of complex risks as part of a hybrid working approach.

“In a dynamic marketplace made up of multiple carriers and brokers, different working practices are to be expected, but Managing Agents have shown clear support for a structured and transparent approach which incorporates working in the Room, in the office, and at home.”

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