(Bloomberg) -- The waiting list for an insurer to get a spot onthe underwriting floor of Lloyd’s of London isthe longest in its 327-year history, indicating record demand foraccess to the market.

Lloyd’s has requests for about 160 so-called box seats, whereunderwriters and brokers negotiate policies face-to-face, frominsurers seeking to join or expand as the market moves into morecountries, a spokesman said. It comes even as surplus capitalplaces pressure on reinsurance prices in one of the past decade’squietest years for catastrophe losses.

“The Lloyd’s brand is very powerful,” Barrie Cornes, ananalyst at Panmure Gordon & Co. in London, said by telephone.“Distribution is a very big attraction, along with the access tobusiness you get whilst sitting in the Lloyd’s building.”

Gaining access to Lloyd’s has helped drive acquisitions thisyear and counters suggestions from some brokers that the world’soldest insurance market should update the way it operates, largelyunchanged since the 17th century. The industry is no longer a“shoe leather business,” John Cavanagh, chief executive officer ofWillis Re, said last month in Monte Carlo.

Lloyd’s underwriting room is spread across four floors in theiconic Richard Rogers-designed building on London’s Lime streetwith 2,900 seats for insurers. Chairman John Nelson said in aninterview in Monte Carlo last month that the “huge pressure” formore seats has raised questions of whether they should expand ontoa fifth floor.

This comes as Lloyd’s pretax profit dropped 28 percent in thefirst six months of 2015 to 1.19 billion pounds ($1.8 billion). Thecombined ratio, a measure of underwriting profitability, also roseto 89.5 percent from 87.4 percent, indicating a deterioration.

Paper slips

Today, insurance brokers at Lloyd’s can still walk up to anunderwriter with their client’s details recorded on a slip ofpaper. If the underwriter agrees to cover the risk, a premium isagreed and the slip signed. If the underwriter only insures part ofthat risk, the broker will then approach other firms until the restof the risk is covered.

Lloyd’s is licensed to operate in more than 200 countries andterritories with the majority of business placed through insurancebrokers like Willis Re. Lloyd’s global reach as well as its accessto intellectual capital has helped to spur several deals,culminating in MS&AD Insurance Group Holdings Inc.’s record$5.3 billion takeover of Amlin Plc last month.

Beazley Plc, Hiscox Ltd., Lancashire Holdings Ltd. and NovaeGroup Plc are among the last publicly traded Lloyd’s insurers andare considered by analysts as possible takeover targets. CatlinGroup Ltd. and Brit Plc agreed to merge with overseas competitorsthis year.

“The brand, distribution and the licenses around the world isvery powerful,” said Panmure Gordon’s Cornes. Lloyd’s has“generally restricted membership and that’s why you are seeing anumber of companies looking to buy their way into the club viaacquisitions.”

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