General Insurance Article - LIIBA responds to the reopening of Lloyds underwriting room


Responding to Lloyd's of London's decision to re-open its underwriting room, Christopher Croft, CEO of broker body LIIBA, said:

 "The re-opening of the Lloyd’s underwriting room today marks the start of a gradual return to face-to-face trading in the London market. Brokers have adapted swiftly and have been conducting business in a variety of ways to suit their clients' needs, as well as increasing their use of electronic platforms. Since March's lockdown in the UK, the market has continued to support its clients -- and, in fact, dealt with a sharply increased level of business -- but things have also fundamentally changed.

 “What makes London a marketplace is about so much more than just the act of placing a risk or paying a claim. The tacit knowledge exchange that comes from being together is crucial to that ability to trade risks the rest of the world can’t . That does require co-presence and the serendipity of encountering the right person at the right time, so the opportunity to do that at Lloyd’s again is very welcome.”
  

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