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London Insurance and Reinsurance Market Association (LIRMA)

Association that used to represent reinsurance companies as well as insurance companies that did not market marine insurance. LIRMA and the Institute of London Underwriters shared the same facility for processing policies and claims. The IUA was formed in January 1998 from the merger of the London International Insurance and Reinsurance Market Association (LIRMA) and the Institute of London Underwriters (ILU). See Also: “International London Underwriters Association of London.” Also, See Also: “Institute of London Underwriters.”

London insurance market

Rarely defined, but usually means the international insurance business written in London. It consists of: 1. Home foreign, namely direct overseas business written in the UK. 2. International reinsurance (large volumes of business generally come from the US). 3. Marine and aviation. 4. US excess and surplus lines business. London market premiums earn a gross income about equal to that derived from UK ‘domestic’ commercial business and UK personal lines business.

London Market Excess of Loss (LMX)

Excess of loss reinsurances of Lloyd’s syndicates and London companies that accept business in the subscription market. Reinsurances of Lloyd’s motor and employers’ liability insurances are not part of the subscription market and are not therefore LMX. The concept of LMX originally centred around whether the business included assumed reinsurance or US business.

London Market Group (LMG)

The London Market Group (LMG) represent the insurance and reinsurance market in London. The LMG is a market-wide body, bringing together the specialist commercial (re)insurance broking and underwriting communities in London. It is supported by the International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA). It speaks collectively for market practitioners on growth and modernisation issues, and its aim is to build on London’s position and reputation as the global centre of insurance excellence.

London Market Principles 2001

Optimisation of client service with a more open and efficient operating environment by enhancing the clarity of contracts and payment terms. LMP updates are published periodically. The Principles have been drawn up jointly by Lloyd’s, the International Underwriters’ Association (IUA) and the Lloyd’s Insurance Brokers’ Committee (LIBC). ‘One stop’ processing for the entire London market has been facilitated through Insur-sure Ltd together with electronic trading through WISE.

London Processing Centre (LPC)

Established as the centralised policy signing and claims processing office for the global insurance business market in London by the International Underwriting Association.

It established the LPC Irrevocable Payment System (LIPS) as a central settlement system for members’ and brokers’ accounts, and it used the LPC’s Claims and Loss Advice Settlement System (CLASS) to electronically settle the majority of claims. In 2001, these services were moved to Ins-sure Services Ltd.

London Underwriting Centre (LUC)

Premises near Lloyd’s providing underwriting rooms for leading insurance and reinsurance companies. The companies take up leases and some make LUC their main London office. At peak times there are between 3,500 and 4,000 brokervisits a day (normally it is 2,000 to 2,500) to the LUC, which also houses the International Underwriting Association. All tenants benefit from computer-based communications linking to the world market. Full network facilities and other electronic systems are available.