Security

Axis’ binders are placed with Lloyd’s of London who is the world’s leading specialist insurance and reinsurance market.

About Lloyd’s

Lloyd’s is the world’s specialist insurance and reinsurance market, bringing together an outstanding concentration of underwriting expertise and talent. It is often the first to insure emerging, unusual and complex risks.

Lloyd’s is not an insurance company but a market of diverse and expert syndicates accepting risks via insurance brokers. Around 94 syndicates are underwriting insurance at Lloyd’s, covering all classes of business. Together they interact with thousands of brokers daily to create insurance solutions for businesses in over 200 countries and territories around the world. Lloyd’s insures the majority of FTSE 100 and Dow Jones industrial average companies.

Lloyd’s in Australia

Lloyd’s underwriters have been insuring risks in Australia for over 150 years and are authorised to write non-life insurance and reinsurance business under the Australian Insurance Act 1973.

Australian businesses can access Lloyd’s in a number of ways:

  • Insurance brokers bring risks to syndicates in the Lloyd’s market in London who price and underwrite the insurance policy.
  • Brokers can also access the Lloyd’s market locally in Australia through a network of service companies and underwriting agencies like Axis Underwriting. Underwriting agencies are authorised to accept business on behalf of Lloyd’s syndicates, combining their local knowledge and product range with Lloyd’s underwriting expertise and financial security.

Lloyd’s offers an unrivalled combination of technical expertise, flexibility, security and solid claims service.

The scale of the Lloyd’s market allows us to offer a huge diversity of products, covering risks associated with professional liability, accident and health, construction, real estate, transport, energy, cyber threat, terrorism and political instability.

To find out more about Lloyd’s in Australia visit http://www.lloyds.com/Lloyds/Offices/Australasia/Australia

Or visit www.lloyds.com for more information on understanding how Lloyd’s works.

Lloyd’s financial security

The ability to pay claims relies on secure capital and security comes from two sources – strong and safe management of assets and effective regulation.  Lloyd’s is world class in both of these respects.

Lloyd’s capital structure, often referred to as its Chain of Security, provides excellent financial security to policyholders as well as capital efficiency for its members.

The Chain of Security provides the financial strength that ultimately backs every insurance policy written at Lloyd’s, and constitutes the common security that underpins the market’s ratings from the world’s leading rating agencies and licence network. To view financial strength ratings click here.

Australian policyholders have the added peace of mind that in addition to the strong financial security rating, A$2.3bn* is also held locally in the Lloyd’s Australia Trust Fund.

Lloyd’s underwriters are subject to regulatory oversight by the Australian Prudential Regulation Authority as well as regulators in the many jurisdictions where they have licences.

Lloyd’s is one of Australia’s most trusted major insurers.

Related Links:             

Lloyd’s enjoys strong financial security supported by excellent ratings. Visit http://www.lloyds.com for more information.

To read more on Lloyd’s credit ratings, Click here.

*Figure as at 31 December 2014.