Lloyd's of London to Use ISO's Underwriting and Claims Services

The Lloyd's of London insurance market has signed a license agreement with N/A (ISO) for the first time for use of its underwriting and claims products and services in the United States. Individual underwriters at Lloyd's will be able to use the ISOnet web-based system, which provides real-time access to a host of ISO's information services.

Lloyd's underwriters will use ISO's products and services in offering primary insurance and reinsurance in the United States. A third of Lloyd's business emanates from the United States, with a premium income of over $4 billion annually, primarily in the commercial lines field.

"This strategic agreement underlines Lloyd's commitment to the U.S. market and enables us to develop further our role within it," said Julian James, managing director, Lloyd's North America. "Lloyd's is delighted to work together with ISO in this way."

"This agreement will benefit everyone," said Julian James, managing director, Lloyd's North America. "Lloyd's underwriters and brokers will have ready access to the full range of ISO policy wordings. Where these wordings are used, the writing of policies will be easier and more efficient, and policyholders and producers will have the comfort of knowing that their Lloyd's policy is in a format that is tried, tested and widely understood by everyone."

Lloyd's of London is the world's leading insurance market with a capacity to accept insurance premiums of over $16 billion.

ISO is a provider of information and analysis of property and liability insurance risk.