Lloyd’s announced that it has recently accredited Canada’s Beach & Associates Ltd. and Italy’s Aon Italia Srl as the first new brokers to be given full access to the Lloyd’s market in 2003.
“Beach & Associates, based in Toronto, Canada, specialises as a reinsurance intermediary placing traditional property and casualty reinsurance treaty business into the global reinsurance market, said Lloyd’s bulletin. “Last November the company opened its first branch in London.”
Jonathan Paul Beach, Director and President, Beach & Associates stated that “Accreditation means Beach & Associates has immediate and direct access to one of the world’s most important reinsurance markets, giving us a wider choice and a competitive advantage.” The company is the third Canadian broker to gain accreditation.
Milan-based Aon Italia Srl “specialises in reinsurance with a mix of classes, though predominantly marine and non-marine,” said Lloyd’s.
The bulletin noted that “the accreditation process requires brokers to demonstrate their suitability for direct access to Lloyd’s by meeting a series of commercial standards, and includes a review of their market knowledge and expertise, company reputation, and financial position.”
The program to open Lloyd’s market access to brokers from outside the London area began in January 2001. So far 41 new brokers have been accredited, bringing the total number of Lloyd’s brokers worldwide to 153.
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