The tie that no longer binds
Underwriters are finding the new Lloyd's monitoring process and anticipated Financial Services Authority regulation unattractive and this could spell the end for binding authorities.
It has become evident in the aftermath of the end-of-year renewalseason that binding authorities could be destined for the land of the
dinosaurs. Most of the contracts that survived the cull have barely enough
capacity to accommodate existing renewals.
I suspect the writing was on the wall when a Lloyd's representative in
Canada said the trend to end a number of contracts was unique to neither
Canada nor Lloyd's. He openly stated that Lloyd's believed "fewer binding
authorities with closer ties
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