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Link to Lloyd's Newsletter
August 2009
In this issue
My summer internship at Lloyd's
Tyler Hall awarded Lloyd's Illinois scholarship at the Katie School of Insurance
Lloyd's Illinois update
Surplus lines procedures streamlined
E-load data file submissions speed up turnaround
ALB Golf Outing to benefit the Katie School of Insurance
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My summer internship at Lloyd's
by Tommy Mullins, Katie School of Insurance
Tommy spent part of his summer as an intern at Lloyd's - a program that receives funding from the ALB. He was recently named "Outstanding Junior in Insurance" at the Katie School of Insurance student recognition dinner and is a recipient of the Andrew T. Nappi International Study Grant. A native of Bloomington, Illinois, Tommy is an officer of Gamma Iota Sigma and will be a senior at the Katie School this fall. He hopes to pursue a career as a wholesale broker in the surplus lines industry after graduation.
As I began to write this memoir, I perused the journal I kept while I was in London, and I realized how difficult it would be to sum up my experience there in just a few words. I could go on endlessly about how tremendous my time in London was and how much it has benefited me as I pursue a career in the insurance industry. This is my attempt to capture how remarkable my experience has been.
One of the most profound revelations I had about the Lloyd’s market was not apparent until my final week in London. I only knew a few people the first few days I was there. As I walked from the Aldgate station to Lime Street, I passed through a crowd of unfamiliar faces, and I felt a bit lost. To make things even lonelier, everyone seemed to know each other as I walked through the market.
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Yet somehow, as time went by and I sat with more and more companies, I found myself recognizing people. And they started to recognize me. By the time my last day arrived, I found it hard to walk anywhere near Lime Street without being stopped by people I knew who wanted a word or two and a chance to build upon the relationships we had established.
Insurance, whether in London or in America, is based upon the relationships you create. In a matter of weeks, I had built such an extensive network of acquaintances that I honestly felt at home. In that last week, I would be sitting at a box and my contact at the particular company would start to introduce me to the various brokers who were presenting risks - but we already knew each other! It was a fantastic feeling that I had been able to meld so quickly into such an historic market.
Now that I am back in the United States, I intern at a surplus lines carrier, Western World Insurance Group. Before my arrival, most of the people there were informed that I had the honor of working in the Lloyd’s market. Now every conversation I have begins with questions about the experience I had in London. My new colleagues continually tell me how thrilled they would be to have that opportunity, and they are exactly right.
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To my surprise, the surplus lines market in the United States does not tend to have a risk appetite that is as aggressive as the Lloyd’s syndicates. From terrorism risks to aviation exposures to properties open to the elements and catastrophic events - it was thrilling to see such outrageous perils being underwritten and brokered. The Lloyd's market allows many industries to thrive, and without their expertise, corporate entities in terrorist-prone areas would not exist, many planes would be grounded permanently, and coastal property owners would never be indemnified in times of natural disasters. Lloyd’s contribution to the world became evident to me in the time I spent in London, and I developed a deep appreciation for the gift made to those around the globe. Many individuals, from all walks of life, take for granted the amenities they are provided by the insurance placed within Lloyd’s of London.
To have been part of such a renowned entity - even for a short time - is an honor I will never forget. The admiration I receive from seasoned professionals here is astounding. It seems everyone in the excess and surplus lines industry is familiar with Lloyd’s and its hugely important significance to insurance.
Before I went to London, I read extensively about quirky risks that had been placed with various syndicates over the years and how business was conducted at Lloyd's. My research did not do justice to the memories I have collected. One must experience Lloyd’s first hand to appreciate the iconic yet trendsetting way in which business is conducted. I can only hope that, after graduation, I will have the opportunity to return and work on Lime Street.
Finally, I must extend sincere and heart-felt thanks to everyone who provided me with the opportunity to intern at Lloyd's this summer!
With Tommy in the photos: top - Deputy Head Waiter in the Rostrum in the Room at Lloyd's, middle - Amlin underwriters, bottom - Jay Wigmore of Kiln.
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Tyler Hall is awarded the Lloyd's Illinois scholarship at the Katie Scool of Insurance
Tyler Hall, a senior at the Katie School of Insurance and Financial Services at Illinois State University, was awarded the Lloyd's Illinois Scholarship in April. He is shown at the right with Interim Dean Charles McGuire of the College of Business.
Forty-three outstanding insurance students were recognized for their achievements this academic year. The scholarships were presented at a recognition awards ceremony for recipients, parents, faculty and industry representatives, with forty-four organizations providing one or more scholarships this year.
The Katie School insurance major prepares students for careers in the insurance industry and in the field of risk management. There are around 300 insurance majors and minors in the program, and more than 500 students were enrolled in insurance courses during the spring semester. Insurance majors, insurance minors, and Actuarial Science majors benefit from interacting with industry professionals and academic leaders brought to the ISU campus by the Katie School.
Lloyd’s Illinois and ALB are proud to contribute to the Katie School.
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Lloyd's Illinois update
Streamlined surplus lines procedures for Lloyd’s business in Illinois
All Lloyd's surplus line insuring documents must be submitted to Lloyd’s Illinois for recording and countersignature with either the individual’s surplus line producer name or their Surplus Line Association of Illinois member number.
Lloyd's Illinois submits all processed surplus lines transactions as a daily data file to the SLA, who then notify their members by email that their Lloyd's filings have been accepted. Members can obtain their SLA Countersignature Numbers or print their SLA Countersignature Confirmation Pages by accessing the SLA Electronic Filing & Reporting System.
Contact Elham Tallackson at Lloyd’s Illinois for more information about surplus lines procedures.
+1 312 407 6205
elham.tallackson@lloyds.com
E-load data file submissions speed up turnaround
Lloyd’s Illinois can accept bulk business as direct data. E-load allows producers to submit their Lloyd’s documents as PDF files with an accompanying data file – flat file type or CSV type – for enhanced processing through a secure FTP site.
The data files automatically populate the Lloyd’s Illinois LIFT system, and the countersigned documents are returned by email to the sender. Work that once took weeks to process is now accomplished in seconds.
There are currently six participants in the E-load system who are submitting approximately 42,000 Lloyd’s transactions annually.
Contact James Nygaard at Lloyd’s Illinois for more information about E-load.
+1 312 407 6213
james.nygaard@lloyds.com
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ALB Golf Outing to benefit the Katie School of Insurance
Register online or by email
ALB will host a golf outing to benefit the Katie School of Insurance on Monday, September 21, at the beautiful and historic Itasca Country Club.
Please plan on coming out for a fun day on the links. Don’t worry if you’re no Arnold Palmer – there’s a “best ball” scramble option. And if you don’t play golf, come out anyway and lounge around the clubhouse – we’re offering a very affordable dinner-only option.
$125 per golfer | Hole sponsorships for $100 | Dinner-only option for $30
- Lunch and dinner included
- Greens fees, carts, lockers and shoe service included
- Scramble option or play your own ball
- Course events and prizes!
When and where
Monday, September 21, 2009
Lunch buffet at 12:30 pm
Shotgun start at 1:30 pm
Dinner buffet at 6:00 pm
Itasca Country Club, 400 E. Orchard Street, Itasca, IL | Map
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Views expressed in this newsletter do not necessarily reflect the opinion of Lloyd's. While every effort has been made to ensure that the information given is accurate, no responsibility (legal or otherwise) is accepted by Lloyd's for any errors or omissions.
Copyright © 2009 Association of Lloyd's Brokers
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