Montreal broker first to go direct with Lloyd’s

Under a new Lloyd’s of London scheme to allow non-U.K. brokers to deal directly with the market’s underwriters, the first Canadian broker is now on board.
Montreal-based B.F. Lorenzetti & Associates (BFL) will be the first in this country to deal directly with underwriters at the 300-year-old insurance market, rather than going through a Lloyd’s broker in London. Already more than 11 other brokers worldwide have been granted access, and several other Canadian applications are under consideration, according to Nicholas Smith, attorney-in-fact in Canada for Lloyd’s. Added to this are seven other firms including BFL accepted in the latest round of accreditations.
BFL, one of Canada’s largest brokers, has been dealing with Lloyd’s for over 14 years. BFL president Barry Lorenzetti notes that the accreditation will give his brokers better access to Lloyd’s variety of niche products.
In a recent interview with Canadian Underwriter, Smith noted that the new direct access system is not a replacement for dealing with London-based intermediaries, which will still be accessible to Canadian brokers. “This is an initiative we see as running in parallel to the traditional distribution chainwholesale Lloyd’s brokers will continue for many years to come.”