More than 40 brokers attended the first political risks and trade credit session this week
Lloyd’s Singapore has taken a leaf from its London headquarters, by launching regular open trading sessions at its CapitaGreen hub.
The sessions enable brokers to see multiple markets at one time and provide faster turnaround times as quotes are given, lines are bound and endorsements are signed on the spot.
A new concept for the local market, brokers are able to meet specialist property, power and onshore energy underwriters from 11 Lloyd’s syndicates on Thursdays from 10.00am to 12.00pm.
Political risks and trade credit underwriters from eight syndicates will be present each Wednesday from 2.00pm to 4.00pm.
Bowring Marsh broking manager Nam Quach said the face-to-face trading sessions, which were trialed last month and launched officially today, had shortened his placement process.
“By coming to the open trading session, I can cut out three calls and four emails back and forth to the underwriter. It also allows for better understanding of complex cases and it’s easier to get my points across at these sessions than through email,” he said.
Marsh broker Vipul Shetty added: “It’s a great format as you can have an open discussion with the underwriter that you can’t do over emails.”
More than 40 brokers attended the first political risks and trade credit session this week.
Aon Risk Solutions head of structured credit and political risk, Asia, Miles Johnstone said: “Credit and political risk insurance is a specialist market, and the technically complex nature of many of the transactions which are underwritten here requires face-to-face interaction.
“These trading sessions give us an opportunity to demonstrate best practices to our clients. It was very encouraging to see the level of activity at the first session; it is a sign of the increasing maturity of the market in Singapore.”
The Lloyd’s Open Trading Sessions on Thursdays each week include underwriters from Allied World, Amlin, Atrium, Argenta, ArgoGlobal, Ascot, Beazley, Chaucer, Talbot, Tokio Marine Kiln and XL Catlin.
The Wednesday afternoon sessions include political risks and trade credit underwriters from Amlin, Beazley, Canopius, Chaucer, Markel, Talbot, Tokio Marine Kiln, and XL Catlin.