Lloyd’s market has seen a run of new entrants and ownership changes this month, as the institution prepares to mark 40 years since its landmark Lime Street building opened.
Generali has won approval for Syndicate 2031 Red Bridge, and credit specialist Credeq for Syndicate 1998, both due to start underwriting in 2027. OAK Global has launched a new partnerships unit at Lloyd’s, and Zurich’s acquisition of Beazley has given the Swiss insurer a Lloyd’s presence for the first time.
The activity reflects the market’s continued pull for capacity seeking access to specialist lines and global distribution. For brokers placing business at Lloyd’s, the additions mean more competition for risk across credit, surety and political risk in particular, with Credeq’s Syndicate 1998 carrying in-principle approval to write European trade credit from January 1.
For brokers placing business at Lloyd’s, the additions mean more competition for risk across credit, surety and political risk in particular, with Credeq’s Syndicate 1998 carrying in-principle approval to write European trade credit from January 1.
Lloyd’s is opening its Lime Street building to all staff across managing agencies and broking houses from November 18 to 25, including non-underwriting employees who may have spent years in the market without access to the Underwriting Room. The exhibition, Looking Inside Out: Explore the Architecture of Risk, was curated with RSHP, the practice that designed the building, and uses sound, film, photography and storytelling to trace the building’s history and its role in connecting global capital and expertise.
The building was designed by Richard Rogers and opened in 1986, with its services - lifts, pipework and utilities - on the exterior, freeing the interior for the large open atrium that houses the Underwriting Room. It was awarded Grade I listed status in 2011.
“Those of us lucky enough to work here every day know that what makes it special isn’t just the architecture, but the people, energy and ideas it brings together under one roof,” said Patrick Tiernan, chief executive of Lloyd’s.
For managing agents and broking houses, the exhibition week is a low-cost opportunity to bring younger or non-underwriting staff into the Underwriting Room. The Lloyd’s Market Association and the International Underwriting Association have separately launched online job simulations in underwriting and operations aimed at drawing students into the London market, and the anniversary events sit alongside that wider effort to build the next generation of market talent.
