Lloyd's of London managing agents are using a range of tactics to fight for relevance in a highly competitive marketplace where buyers of insurance and reinsurance seem to have a negotiating advantage.
Low claims losses over recent years have allowed many insurers and reinsurers to report good results, prompting more capital to enter the market. But that has diminished the ability of the industry to push against demands from buyers of insurance and reinsurance for lower prices and more generous terms and conditions. To stay relevant, many managing agents have seen fit to merge with large foreign groups willing to pay top dollar for a foothold at 1 Lime St.; others have sought aggregation benefits in different ways.
Data from the SNL Insurance product, an offering of S&P Global Market Intelligence, shows the top 20 Lloyd’s Syndicates by gross premiums written in 2015, along with a breakdown of lines of business.