Hong Kong, 12 March 2003: FP Marine Risks has today become the first independent insurance broker in Asia to gain accreditation from Lloyd’s of London.

This approval will afford FP Marine Risks a direct trading capability with Underwriters based in Lloyd’s Headquarters in Lime Street. Until recently, the only means of negotiating and placing contracts with Lloyd’s has been through the channel of a third party Lloyd’s Broker based in the City of London. The greater efficiencies and clarity of communication which this new capability will allow is expected to translate into enhanced relationships and long-term cost savings for the company’s clients in Asia.

According to Lloyd’s, the accreditation process requires brokers to demonstrate their suitability for direct access to Lloyd’s by meeting a series of commercial standards, and includes a review of their market knowledge and expertise, company reputation and financial position.

Philip Bilney, Executive Director, explained:

“This is a tremendously exciting development for us. It comes at a time when Lloyd’s is not only enjoying unprecedented underwriting capacity but is also focusing its resources on developing the market’s business in China and the Asia Pacific Region, an effort reinforced by the recent visit to Hong Kong & Beijing by the Chairman of Lloyd’s, Lord Levene. We are delighted to have a role to play in this and to be able to bring the expertise and financial muscle of Lloyd’s Underwriters directly to our clients here in Asia.”

Charles Whiteaway, Executive Director, said:

“Lloyd’s remains the single most important Marine Insurance market in the world, and an unparalleled centre of expertise. FP Marine Risks has had a long and fruitful relationship with the London Market, and we see this accreditation as a major step forward in that, and one which will bring considerable benefits to clients and underwriters alike.”

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