- What is Lloyd's?
Lloyd's is a competitive market where individual underwriters accept risks on behalf of syndicates of individual and corporate members whose resources provide the security behind Lloyd's policies. Business comes into the market primarily through Lloyd's brokers who bring business from clients and other brokers and intermediaries worldwide. In addition, Lloyd's is devising an effective means of opening the market to non-Lloyd's brokers. Currently, however, underwriting capacity is channelled into the Lloyd's market through individual syndicates. Each syndicate is supported by capital provided by individual and corporate members of Lloyd's.
- What does Atrium do at Lloyd's?
Atrium is an insurer at Lloyd's which has put its capital behind Syndicates 570 and 609, which are managed by its wholly owned subsidiary, Atrium Underwriters Limited, together with a diverse portfolio of Syndicates managed by other Agencies operating in the Lloyd's market.
- What is an Integrated Lloyd's Vehicle (ILV)?
ILV's are companies which, like Atrium, put their own capital behind their managed syndicates. "Integrated " refers to the integration of capital with syndicate underwriting. Until 1993, when Lloyd's changed its rules to permit underwriting with limited liability capital, capital support was provided to syndicates exclusively by Names, the majority of whom were independent individuals. Unlike most other ILV's in the Lloyd's Market, Atrium also puts its capital behind other non-managed syndicates
- When was Atrium formed?
Atrium was created in 1998 from the merger of two of Lloyd's most successful businesses - Atrium Cockell and the listed Lomond Underwriting.
- Where is Atrium located?
Atrium's management and London Market operations are all located at Room 790, Lloyd's, 1 Lime Street, London. The underwriting activities also operate from "Boxes" in the Lloyd's building.
- How does Atrium derive its income?
Atrium's income is derived from three main business areas
Underwriting - underwriting returns on owned capacity:
Atrium owns a portfolio of participations on some of the best performing Lloyd's
syndicates including its in- house managed syndicates 570 and 609. The portfolio includes
participations on top quality syndicates managed by privately owned businesses which
cannot be accessed through any other listed Lloyd's companies. This selected portfolio
strategy diversifies risk and gives the flexibility to move in and out of classes of
business opportunistically.
Syndicate Management - fees and profit commission on managed capacity:
Atrium's wholly owned 'Managing Agency', Atrium Underwriters Ltd, administers the operations of two of Lloyd's leading syndicates - marine syndicate 609 and non- marine
syndicate 570 - employing underwriters and staff, setting underwriting policy, monitoring performance and ensuring compliance with all applicable laws and regulations. Atrium's fee for managing syndicates 609 and 570 is 0.7% of capacity and commission is 20% of underwriting profits.
Investment Management - investment return from capital backing underwriting:
Atrium's capital works twice. Not only does it support superior underwriting but it also
earns interest and investment returns. Atrium is currently invested in a mixture of cash and
gilts. The investment management function is outsourced to Credit Agricole Asset Management, a professional investment manager.
- Who does Atrium do business with?
Atrium only sells insurance through accredited Lloyd's Insurance Brokers
- I live in the USA. Can I buy insurance directly from Atrium?
No, you must contact a local Retail Broker in the USA.
- I am a Retail Broker in the USA. Can I place business directly with Atrium?
No, you will have to go to a Surplus Lines Broker or a Lloyd's Broker. Further information on these types of organisation can be found at these web sites:
www.napslo.org (membership directory)
www.aamga.org (membership listings)
www.lloyds.com (market finder/broker directory)
- I live in the UK, so can I buy insurance directly from Atrium?
No, you will have to contact a Lloyds Broker, either directly or via your local high street broker. See the listings on the Lloyd's web site: www.lloyds.com
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