The London/Lloyd’s insurance market can be an enigma to many–even those involved in general insurance. Despite the fact it is probably the best-known insurance source in the world, there is still a black hole in people’s understanding of its workings as a subscription market and the fact deals are still carried out face-to-face.

Lloyd’s is a truly competitive market, with brokers dedicated to keeping their clients with good service, and other intermediaries equally dedicated to “pinching” the business at annual renewal time. Similarly, underwriters–when they have the reserves–look for the good business. While this can be a friendly game in London’s business center, there is an underlying hardness in negotiations.

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