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Lloyd's Agencies: Agencies Have Two Functions: Managing Their Underwriting Syndicates At Lloyd's,
Lloyd's Agencies: Agencies have two functions: managing their underwriting syndicates at Lloyd's, and looking after the underwriting members of Lloyd's whom they represent, who are called Names. One agency may control several of the 400 underwriting syndicates.
The agency part of the business deals with the underwriting members of Lloyd's, putting them on syndicates, preparing them for the annual audit, paying out their profits, or asking for more money toward heavy claims. This work is carried out in an office separate from Lloyd's. Office staff will consist of a clerk accounting individual members' accounts, a server, IT team and secretaries or personal assistants.
An agency will also employ accountancy, legal and taxation experts, and a specialised investment section. Some agencies may also maintain an office outside the City, to handle motor business and the computer side. It may well employ 200 people, who will be recruited directly from local schools and colleges. They will need GCSEs in maths and English language, and possibly A levels. Recruits will be encouraged to study for the ACii (www.cii.co.uk) examinations.
The work is mainly of a clerical nature, involving basic checking of motor proposal forms, filing and secretarial work. There may also be opportunities for part time working. Companies will provide specific motor insurance training and additional supervisory training as it becomes necessary. Many companies are now introducing computer technology for this type of work, and computer training may be offered to experienced motor insurance clerks if they show promise in aptitude tests. Occasionally, successful staff may be transferred to the City office.
Underwriting Syndicates: The underwriter accepts risks on behalf of his syndicate. He will be based on a box, and will be approached by a broker with a particular risk. The underwriter decides whether to accept that risk, on what conditions, and at what premium. Each box will deal only with a particular class of business: marine, non - marine, aviation or motor.
The box, depending on its size, will be likely to contain the following people: an underwriter and two deputies, two entry boys, two claims underwriters, their entry boy, a wordings expert, and someone in charge of the syndicate's reinsurance. Underwriters recruit in various ways: Traditionally, there is much movement within the market and an underwriter may invite an impressive young broker to join the box.