(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.”
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