Lloyd's broker creates new division to handle binding authority business
Lloyd’s broker John Holman and Sons (Holman’s) is creating a new division to handle all of its binding authority business.
The accounting infrastructure for the division is already in place and it is planned that it will be operational by August 14.
Products under existing binding authority agreements include household, yacht, travel, gap plus various schemes.
The move to set up the new division has been driven by the desire to increase efficiency within the business and to manage any potential conflicts of interest between the business’s broking and delegated underwriting functions more clearly.
In the longer term, Holman’s is planning to use the division to place products on its broker extranet to enable brokers to access them more quickly and easily.
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