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Calls for Lloyd's of London to widen brokers' access

STUART Reid, boss of insurance broking giant Bluefin, has urged Lloyd&rsquo;s of London to widen access for brokers to its insurance marketplace as part of its strategic review.<br /><br />Reid has said enabling all brokerages to do business with Lloyd&rsquo;s syndicates, rather than a select group, would allow consumers and businesses around the world to get the widest range of cover at the best prices.<br /><br />Only certain brokers are currently allowed to trade on Lloyd&rsquo;s &ndash; they are the only way consumer and business &ldquo;outsiders&rdquo; can get insurance against risks on the marketplace.<br /><br />&ldquo;Bluefin is a Lloyd&rsquo;s broker but, for those brokers which are not, access to the Lloyd&rsquo;s market place is difficult and comes via wholesale brokers,&rdquo; he told City A.M. &ldquo;This practice is antiquated and is bad for the industry and consumers.&rdquo;<br /><br />He said if access was widened the review will secure the City&rsquo;s position as the global capital of insurance.<br /><br />&ldquo;Lloyd&rsquo;s has struggled to have a single, coherent plan and voice. The stronger voices from the more powerful syndicates within the marketplace tended to dictate the direction of Lloyd&rsquo;s. The new review will help Lloyd&rsquo;s move in a unified way.&rdquo;