In an ever-changing market place the expertise and services provided by a Lloyd’s broker are invaluable. At Tasker & Partners we are constantly monitoring the market to ensure we are aware of Insurer developments in the Lloyd’s and London market.
Lloyd’s is currently conducting a performance review of its business lines and we have already seen significant movements in the market with some Insurers pulling out of classes of business or significantly restricting their capacity. As a class, Professional Indemnity for example, has seen significant changes in Design & Construct lines. With a number of recent high-profile claims, markets conditions have become difficult.
Our ability to adapt to challenges in the market supported by the extensive experience and relationships held within our dynamic and ambitious London Market team, enables us to provide solutions for our partner brokers to meet their client’s needs.
A recent example includes a major construction firm and a significant renewal for one of our brokers. The primary Professional Indemnity market had restricted their limit of indemnity due to the cladding aspect of the risk. This left a gap in cover between the primary and excess layers of the placement. Our broker had been to market and had been unable to secure the additional capacity. We were able to provide a solution within a day of receipt by securing a new layer for the client ensuring continuation of coverage and the limits of indemnity required. This success ensured our partner broker was able to retain their client for another year.
Our broker’s journey is a key element within our proposition to make sure that at every step of the process we are communicating the progress of the placement. This communication is one of the factors setting us apart from our peers in the market. When you send in an enquiry it will be logged to your account in our systems and one of the team will be in touch to ensure that all information necessary or available if provided. The business will then be handled by one of our brokers with expertise in that particular area.
So whether you have a complex liability or a distressed property placement, we are here to act and win for you in the London market. Our team can be contacted via the details on our website or please feel free to contact me directly.