Lloyd’s is the global ‘cradle’ of insurance, underwriting complex and specialist risks from oil rigs to celebrity body parts. It’s often the first to insure emerging, unusual and complex risks – such as those coming out of Cambridge’s hub of innovation. With over 90 syndicates under one roof in the Underwriting Room, it’s the go-to for brokers to find cover for even the most challenging of perils. There are only 255 Lloyd’s brokers in the world with direct access to Lloyd’s, and a rigorous approval process sets the bar high.
“As a specialist broker, we work with many clients who face unusual risks which are hard to insure in standard markets – particularly in ‘Silicon Fen’ where disruption is inherent”, say’s La Playa’s Matthew Clark ACII, Director of Global Markets. “Being a Lloyd’s broker takes us straight to the finest minds in underwriting so that we can secure fast, great-value protection for our clients”.
Perhaps one of the last bastions of face-to-face negotiation and collaboration, Lloyd’s brokers must physically visit the underwriter at their ‘box’, look them in the eye, develop their trust and negotiate the best terms for their client. Lloyd’s underwriters are famed for their composure and decisiveness, and the underwriting floors buzz with the relentless transaction of business.
In the 17th century, London's importance as a trade centre led to increasing demand for ship and cargo insurance. Edward Lloyd's coffee house became recognised as the place for obtaining marine insurance and this is where Lloyd’s began. From those coffee-house beginnings in 1688, Lloyd’s has been a pioneer in insurance for over 325 years, using its specialism, strength and security to help customers withstand shock, recover and rebuild.
A leading Science and Technology insurance specialist, La Playa’s access to Lloyd’s means clients will benefit from:
“This is great news for us, our clients and our broker partners,” says CEO Mark Boon ACII. “Achieving Lloyd’s status is integral to our expansion plans, allowing a relatively small broker to develop more business in the US and Far East. It will also be enormously useful in enabling us to expand our Private Client, Aviation and Marine offerings.”
A boutique-sized broker with offices in London, Cambridge and New York, La Playa has a history of punching well above its weight under the banner “Insurance with Intelligence”, and has developed a reputation as a powerhouse of expertise in its specialist niches: