Lloyd’s has always been the centre of the global insurance marketplace, steeped in history and seemingly unnavigable corridors, it can feel only accessible to those already inside its famous walls.
But that perception could not be further from the truth. Lloyd’s was founded in the 17th century as a place for entrepreneurs to share risk and back new ventures, from early shipping expeditions to pioneering technologies of the day. That same spirit of innovation still defines it today.
Yet, for many MGAs outside the market, misconceptions remain. “It takes forever to get approved.” “It’s too complicated.” “Commissions are lower.” All of these narratives persist, and they are holding businesses back.
At Consilium, we help MGAs understand, access and succeed in Lloyd’s. Let’s take a closer look at what Lloyd’s really looks like today.
Perception: The Lloyd’s Coverholder approval process takes forever
Reality: Approvals typically take between three and six months. However, with the right preparation and guidance, the process can move efficiently and, in some cases, progress in just a few weeks.
Consilium’s Delegated Risk Solutions team helps MGAs prepare every stage of their application, avoiding the pitfalls that slow others down. We have guided many MGAs through the process, ensuring they get it right the first time.
Perception: Lloyd’s compliance and reporting are cumbersome and complex
Reality: Lloyd’s has streamlined and standardised many processes, including 5.2 BDX reporting, and provides detailed guidance to make compliance straightforward.
With the right support, MGAs can manage reporting confidently. Our specialists help ensure systems, data and documentation align with Lloyds’ expectations, saving time and reducing admin headaches.
Perception: Lloyd’s is costly to distribute via and pays lower commissions than domestic markets
Reality: Lloyd’s commission structures, including Profit Commissions, align all parties’ interests with profitable performance.
In practice, this means all parties, MGA, broker and carrier, are aligned around sustainable profitability. For MGAs delivering results, Lloyd’s can be one of the most rewarding markets to trade in.
Perception: Lloyd’s is an insurance company
Reality: Lloyd’s is not an insurance company. It is a marketplace.
Within it, over 80 Syndicates each provide capacity and appetite for different types of risk. This structure gives MGAs the flexibility to find the partner fit for their product, whether niche or mainstream.
Perception: Lloyd’s only writes unusual or hard-to-place risks
Reality: While Lloyd’s is famous for insuring the extraordinary - from celebrity body parts to satellite launches - it also writes mainstream business across many classes.
Every opportunity is assessed on its own merits. What matters most is the strength of the MGA’s proposition and the quality of its underwriting, not how unconventional the risk is.
Perception: Lloyd’s claims handling is slow and opaque
Reality: Lloyd’s syndicates have robust claims protocols, dedicated teams and often work with TPAs to manage and accelerate payments.
The market continues to invest heavily in digital claims solutions to speed up settlement times and improve transparency. Each syndicate contributes to the Lloyd’s Central Fund, a collective guarantee of the market’s financial strength, reliability and claim-paying capabilities.
Making Lloyd’s Accessible With Consilium
At Consilium, we help MGAs navigate every stage of the Lloyd’s journey, from shaping product strategy and aligning carrier appetite to securing capacity and managing approvals.
With over 100 active facilities across 30+ classes and partnerships with key A rated carriers across Lloyd’s, we are uniquely positioned to guide MGAs through the process quickly, efficiently and correctly.
If you have ever ruled out Lloyd’s because it seemed out of reach, now is the time to take another look.
Contact our Delegated Risk Solutions team to learn how Consilium can help you bring your product to the world’s most dynamic insurance marketplace.
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