CATLIN is the best known underwriter among London insurance brokers, according to research released yesterday.
The poll of 450 brokers by consultancy firm Gracechurch also found that being a member of the Lloyd’s of London market is now less important when it comes to insurers engaging with brokers.
Insurers that operate outside the Lloyd’s system saw a 40 per cent rise in brand awareness over the last year according to the study, leading to suggestions that individual underwriters need to build their own brand outside the historic marketplace.
“Lloyd’s still has huge value but isn’t a meal-ticket for its members,” said Ben Bolton, chief executive of Gracechurch Consulting.
“The research shows clearly that ‘big brand’ insurers are becoming more credible in the London Market, historically the stronghold of the Lloyd’s players. They offer a formidable combination of balance sheet strength to write large lines and a strong investment in their brands.
“I hope that disruptive change is the trigger for Lloyd’s players to seize the moment and actively promote their stand-out strengths.”
Catlin’s table-topping performance was followed closely by QBE, Amlin and Hiscox.
Zurich was the most-improved performer, with a 130 per cent rise in the number of brokers named the insurer as being “top of mind” in 2013.