Lloyd's Donates To Education Foundation

Lloyd's Donates To Education Foundation

NU Online News Service, May 17, 12:47 p.m. EDT?Lloyd's announced today it will donate $300,000 to the Derek Hughes/NAPSLO Educational Foundation, Ltd. to encourage the educational development of students and professionals interested in the excess and surplus lines business.[@@]

Kansas City, Mo.-based NAPSLO is the National Association of Surplus Line Offices Ltd. representing the surplus lines industry and the wholesale insurance marketing system.

Lloyd's said the donation will be made over three years to allow colleges, universities and other educational institutions to obtain grants for research studies and other insurance-related projects, and will support scholarships and financial aid for students pursuing studies in insurance at the college or graduate school level.

Wendy Baker, president of Lloyd's America, which announced the donation from New York, said, "Lloyd's is committed to supporting the development of insurance professionals in the U.S. and to solidifying the relationships Lloyd's underwriters have here. This donation represents an investment in the long-term future of the U.S. surplus lines industry."

The Derek Hughes/NAPSLO Educational Foundation is dedicated to encouraging the educational development of all those interested in the excess and surplus lines business and to creating an understanding and overcoming the misperceptions of the surplus lines market.

The non-admitted surplus lines market provides insurance for hard-to-place risks acting as a complement to state-licensed insurers in the admitted market insuring risks that cannot obtain coverage in that market.

Lloyd's is the second largest surplus lines insurer in the U.S., writing over $4 billion worth of business. The United States represents 35 percent of Lloyd's global business.