This term may refer to the place where business is transacted between managing agents and Lloyd’s brokers, or to the syndicates that provide cover at Lloyd’s. The majority of business written at Lloyd’s is placed through brokers who facilitate the risk-transfer process between clients (policyholders) and underwriters. Clients can discuss their risk needs with a broker, a cover holder or a service company. Specialist underwriters for each syndicate price underwrite and handle any subsequent claims in relation to the risk. Business at Lloyd’s is still conducted face-to-face, and the bustling underwriting room is central to the smooth running of the market. The market structure encourages innovation, speed and better value, making it attractive to policyholders and participants alike. Immediate access to decision-makers means that answers on whether a risk can be placed are made quickly, enabling the broker to provide fast, good-value solutions. The Lloyd’s market houses syndicates which offer an unrivalled concentration of specialist underwriting expertise and talent.