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.

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.

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.

Benefit payable at normal retirement age under the preservation requirements of PSA93 with which short service benefit must be compared.

general insurance business characterised by lengthy delay between the period of cover and either the emergence or settlement of claims, or both (contrast short tail business).