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Local company paves way as Australia-based Lloyd’s broker

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Lloyd’s has welcomed Wickshire as the market’s first Australian-based registered broker as rising technological uptake makes it easier to transact business from global locations.

The London-based market has stepped up its focus on electronic business since Placing Platform Ltd (PPL) launched in 2016. More than half of all deals were completed using the system during the second quarter, while accounting and settlement has been modernised through Xchanging systems.

The Lloyd’s broker registration process includes a pre-application meeting and providing formal and supporting documentation and can take some time to be completed.

“We have a number of Lloyd’s registered brokers around the world but they [Wickshire] are the first to be approved, resident in Australia,” Lloyd’s Australia GM Chris Mackinnon told insuranceNEWS.com.au.

“This status will allow them to transact business directly with the Lloyd’s market in London and to process transactions through the Lloyd’s technology platforms, including the PPL initiative and through Xchanging.”

Mr Mackinnon said Sydney-based Wickshire is not the only firm to have shown interest in registering.

“I am unable to comment on any specific applications, but I would expect that Wickshire will not be the only one in Australia,” he said.

Wickshire Director Dane Wickens says the firm had been placing business with local companies and through Lloyd’s syndicates in Sydney and Singapore but will now be able to transact directly into London.

“We think it is a great opportunity for our clients and any potential new clients,” he told insuranceNEWS.com.au.

Wickshire’s business areas include reinsurance and working with underwriting agencies on binders and line-slips.

The firm was started by Owner/Director Neale Wickens in 2013. Previously he worked at companies including Gallagher Re, Berkshire Hathaway’s General Reinsurance Corp and Mercantile Mutual.