Useful Links
Lloyd’s
Lloyd’s is an insurance market unique in the world. Almost anything can be insured at Lloyd’s: fleets of ships and aircraft, civil engineering projects, factories, oil rigs and refineries, personal lines risks as well as liability policies for most commercial eventualities, to name but a few of the thousand-and-one risks which are placed at Lloyd’s each year. The business flows from all parts of the world and represents an income of millions of pounds in premiums each working day.
Lloyd’s is a market, not a company. The underwriting room at Lloyd’s is a unique place where Lloyd’s brokers negotiate specific insurance programmes with expert underwriters. About two-thirds of Lloyd’s business emanates from overseas. A mix of major investment institutions, international insurance companies and specialist insurance investors provide the capital that backs Lloyd’s.
The Financial Services Authority ("FSA")
The FSA is an independent public body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London. In addition to regulating banks, insurance companies and financial advisers, the FSA has regulated general insurance intermediaries since 14 January 2005.
In regulating the financial services market, the FSA has four statutory objectives:
- market confidence: maintaining confidence in the financial system
- public awareness: promoting public understanding of the financial system;
- consumer protection: securing the appropriate degree of protection for consumers; and
- reduction of financial crime: reducing the extent to which it is possible for a business carried on by a regulated person to be used for a purpose connected with financial crime
Guest Krieger Limited was authorised by the FSA on 14 January 2005 under Register number 307248.
The Griffin Association (“The Griffin”)
The Griffin is a Mutual Insurance Association that provides professional indemnity cover to insurance brokers, of which Guest Krieger Limited is one.
As members of The Griffin are both insurer and insured, they have a strong interest in maintaining high professional standards in the conduct of their business. The Griffin’s website explains the principles of mutual insurance and the benefits afforded to broking firms who are members.
British Insurance Brokers Association (“BIBA”)
BIBA is the leading independent insurance body, representing both the consumer and the professional insurance broker. BIBA’s experience and knowledge makes it a key source of information about the general insurance industry.
London Market Insurance Brokers Committee (“LMBC”)
LMBC acts as the formal channel of communication between underwriters and the London broking community and represents brokers in other important international markets where there is need to speak with a common voice.