accounts placed at Lloyd’s as a result of becoming a
Lloyd’s Broker. Alternatively, you might hold delegated
underwriting authority from Lloyd’s Underwriters.
You must be fully authorised by your local regulator. You
can be domiciled in most territories, as long as it would
be possible to demonstrate to Lloyd’s that the
Regulatory environment there met certain standards.
You need to be able to demonstrate that your resources,
both Human and Financial are adequate and if they are,
you can even be a “start-up” operation.
Can an applicant get support with the accreditation
process?
Helodrium provides an all-round service to help achieve
Lloyd’s Broker accreditation as well as manage the back
office requirements of operating in the London Market.
Helodrium has successfully brought other companies
Would you consider becoming a Lloyd’s Broker?
The full classification of “Lloyd’s Broker” reflects the
very important role that Lloyd’s brokers have to play at
Lloyd’s and the high quality of mediation that they bring
to the market, which is recognised around the world.
Being a Lloyd’s Broker can actually bring you further
opportunities by enabling you to represent other
intermediaries to Syndicates and Companies in the
London Market.
Who might benefit from becoming a Lloyd’s
Broker?
There are three groups that might benefit from
becoming Lloyd’s Brokers,
➢ UK regional broking firms and Non-Lloyd’s
brokers operating within the “London
Market”, many of which would be correspondent
brokers of Lloyd’s Brokers.
➢ non-UK-domiciled brokers, that are also likely
to be correspondent brokers of one or more
Lloyd’s Brokers.
➢ employees of existing broking firms who
want to break away to form their own
companies.
What do you need to have in place already in order
to become a Lloyd’s Broker?
You need to be a producer of wholesale or retail
insurance business, ideally with a proportion of your
existing portfolio already placed with Syndicates at
Lloyd’s, or at the very least, the opportunity to acquire
What’s involved in becoming a
Lloyd’s Broker?
www.helodrium.com020 3544 5050
Call us today –
we would be pleased to discuss your
requirements
Contact Details
Helodrium Ltd34 Lime Street, London EC3M 7AT
Telephone
Fax
020 3544 5050 020 3697 1911
www.helodrium.com
Neville Hunt +44 (0) 7860 634 732
Helodrium – the element of success
What if my company doesn't have Regulatory
Authorisation already?
If you are a firm domiciled in the European Economic
Area, you need to be authorised by a European
Regulator to apply for accreditation as a Lloyd's Broker.
If you are domiciled outside of the EEA but would
consider operating remotely to access Lloyd's and the
London Market, you can do so but you will need to
operate within the regulatory exemptions that are
available. Alternatively, you might choose to apply for
full authorisation as a UK regulated firm. Helodrium will
assist you by supporting you through the entire
application process, helping you set up the company, fill
in the forms, produce the required documentation and
respond appropriately to any questions raised by the
FCA. This aspect of the application process is not
included in our Lloyd’s application fee but please
enquire as fees will vary according to the complexity of
the task.
How much will the Lloyd’s application cost?
In respect of Lloyd's you should budget for £10,000 in fees for the conclusion of a successful application at the
time this leaflet goes to press (February 2018), however, allow for at least £16,000 if you intend to retain the interface with Xchanging in-house.
Helodrium’s Fees
We provide a bespoke service, so we will need to
assess your specific requirements and understand your
particular situation before we can indicate a figure for
our fees.
through the entire process, using skills developed by
the firm’s human resources during multiple decades in
the market. Helodrium has extensive experience in
commercial broking environments – in placing and in
technical support – whilst periods at the then Financial
Services Authority and the Admissions Department of
Lloyd’s mean that the team can offer practical
experience of the organisations that it will approach on
your behalf.
Within the application process the applicant is required
to demonstrate that it has the skills to deal with the
market clearing house, called Xchanging. As part of our
service, Helodrium will offer you the opportunity to
outsource the Xchanging interface, information for
which is contained in a separate leaflet.
What are the requirements for an application to
Lloyd’s?
The list of requirements, whilst apparently
straightforward, has within it a number of issues on
which it would be beneficial for the applicant to have
expert advice in order to make the application flow
smoothly. In short it comprises:
A business plan, Financial Information, Curricula
Vitae, Professional Indemnity Insurance, an
application form and evidence of support from
within the underwriting community at Lloyd’s
Helodrium will guide you through the actual
requirements of each element and ensure that
yourapplication meets all the relevant standards when it
is presented to Lloyd’s.