Towergate London Market is your gateway to Lloyd's and the
London Market. To us, your client is our client and we want to
ensure that we support you in the best way we can.
We specialise in placing business on behalf of retail
Towergate London Market place business with a wide range of
Lloyd's and London Market Insurers.
A guide to getting the most out of Towergate London Market
Towergate London Market is your gateway to Lloyd’s and the
London Market. To us your client is our client and we want to
ensure that we support you in the best way we can. There is often
some misconception around what we do and how we do it, the purpose
of this guide is to help you provide us with all the information we
need so that together we can try to get the best cover for your
Download a PDF version of our Guide
The London Market is an actual market place. Our Placing Brokers
physically take your presentations to individual underwriters. We
have set appointments with some underwriters, but if we need to see
them at other times, or cover other markets, our staff must wait
their turn at the “Box”.
Presentations are important as they are the only information
that our Placing Brokers have about your clients’ activities and
requirements. We may ask you to provide additional information such
as expiring/renewal terms, risk improvements etc. Our experience
means that we are able to anticipate the questions that
underwriters will ask before they will consider your enquiry, this
way we hope to save some time.
What We Need From You:
- Please provide a full broking submission including confirmed
claims experience. Liability underwriters will usually require a 5
year claims experience. We can provide a standard presentation if
- Provide details of any large or recurring claims and the risk
improvement measures taken to prevent further losses.
- Please breakdown wages into as many categories as applicable
and similarly with turnover if the assured has more than one
- If any USA/Canada exports, what is being exported? Is there any
export history/historical turnover?
- Provide copies of the most recent survey reports and any
photographs you have of the risk.
- Please let us know the markets you have already approached and
expiring or renewal terms if available. If quoting expiring terms,
please indicate if anything has substantially changed since last
year e.g. wages, turnover or sums insured.
- Are there any other classes i.e. Motor, CAR, that could be
included in our broking exercise.
- Target premiums. These are important in determining the markets
we will approach on your behalf. Many underwriters have minimum
premiums so this information will mean that we are able to go to
the right underwriter first time.
At renewal we need clear instructions from you i.e. do you want
us to obtain renewal terms from the existing insurers or carry out
a full broking exercise.
If the latter, then you will need to provide a broking
presentation as outlined above. It is also useful to know if you
are undertaking a re-broking exercise as a matter of routine or
because you are under competition.
In any event we will require:
- Updated wages and turnover figures
- Revised sums insured
- Updated claims experience from any previous insurer (5 years
- Details of any change in business activities
Letters of Appointment
Business currently placed via another London Market Broker can
be transferred to TLM by providing a Transfer Mandate. We can
provide a standard letter template if required.
You should also provide us with full details of the risk as this
will not be provided by either the underwriter or the broker losing
the business. We do need to know what it is we are placing.
It is our standard practice to share the brokerage we receive
from underwriters on a 50/50 basis, this may vary subject to the
class of business and the strength of our relationship with you,
our retail broker.
We may also charge a policy fee and when applicable this will be
clearly indicated with our quotation and is negotiable.
We can also provide competitively priced premium finance where
Our Commitment to You
We are continually striving to improve our service standards and
aim to turn round a new business enquiry in the following
- Confirm receipt of your enquiry within 24 hours of receipt
- Provide an initial indication of terms within 5 working
- Provide a fully compliant quotation within a further 5 working
Your Commitment to Us
It is only possible for us to support you effectively if you
assist us by providing the information requested.
You need to give us sufficient time to cover a wide range of
markets on your behalf.
It is not advisable to approach more than one London Market
Broker with a risk because many underwriters will simply not quote
under such circumstances.
Treat us fairly when placing business. Underwriters not only
monitor the conversion rate they have with us but also with you,
the retail broker who originated the enquiry.
Towergate London Market is a trading name of Towergate London
Market Limited, registered in England with Company No. 149526.
Registered Address: 77 Leadenhall Street, London, EC3A 3DE.
Towergate London Market Limited is authorised and regulated by the
Financial Conduct Authority. Their register number is 308327. This
can be checked by visiting the FSA website.