More than half (55%) of Lloyd’s managing agents are finding themselves in a bind when it comes to resources in their delegated authority teams, according to the latest Lloyd’s coverholder management survey by Mazars.
The accounting and advisory firm called the struggle with resources “a worrying trend” since the percentage was only 33% in 2010.
Here are the other key findings from the survey of 28 managing agents representing approximately 50% of the Lloyd’s market:
“This year’s survey, our fifth, has produced some very interesting insights, both positive and potentially worrying for the sector,” said Michael Campbell, delegated authority director, UK, at Mazars. “Some of these can be identified as on-going trends, while some results have been influenced by a broadening of the scope of the survey to focus even more heavily on conduct risk culture within coverholders and consumer outcomes, including anti-bribery, corruption, and money laundering cover.
”With a significant majority (73%) of respondents generating between 25% and 50% of their revenues from delegated authority underwriting, it is clear that these are areas of critical importance to the sector.”