LMBC expects slips in LMP by end of year

The London Market Brokers' Committee (LMBC) has announced it is set to place three quarters of all business on LMP Slips by the end of the year.

The announcement is the culmination of the LMBC's work in achieving a target of 70% of business being placed on LMP slips by the end of the year.

LMBC Chairman Ross McKenzie said: "This is excellent news. The LMP Slip is a key building block for many of the LMP reforms. As brokers are responsible for producing the slips it was essential that we took the initiative in promoting this in the Market. The LMP slip provides contract clarity and consistent quality which will reduce market costs."

Bronek Masojada, Chairman of the Lloyd's Market Association's Market Processes Committee said: "We have been actively encouraging the usage of the LMP Slip as the preferred tool for the London insurance professional. I am delighted that the figures and confidence being reported reflects our endorsement of the reforms."