Lloyd's of London
Following the typical procedure, “Sigma Insurance Brokers” was registered in 2007 as an Open Market Correspondent (152694) holding the right to communicate directly with Lloyd’s Brokers for the placement of risks in the London insurance market.
Lloyd’s of London is historically the oldest operating organization, with starting point the year 1688. Typically and essentially, it is a unique, traditional, international, insurance and re-insurance market holding a leading position in marine and other special lines of insurance business.
The Lloyd’s market consists of approximately 80 “syndicates” which bring together approximately 2000 risk carriers (Insurers) which are either physical persons (40% contributing 15% of the market capital) or legal entities (60% contributing 85% of the market capital). Both Lloyd’s organization and the “syndicates” are rated for their financial adequacy like the other insurance companies worldwide. The annual premium production of Lloyd’s market exceeds the amount of 20 billion euro.
The risk placement in Lloyd’s market is accomplished through the 150 registered Lloyd’s brokers. The local insurance brokers worldwide can place risks through the Lloyd’s brokers or directly to the “syndicates” through the use of “binding authorities”, working always under the supervision of a Lloyd’s broker.
The Lloyd’s organization maintains branch offices in approximately 50 countries worldwide, including Greece, but not Bulgaria. Every Lloyd’s insurance certificate is valid only when the local legal representative of the organization is written within.
