Jun. 10. 2009
Marnix Europe Limited (“Marnix Europe”), an insurance broker in the UK, which is 100% owned by the Marubeni Group, has been approved as a Registered Lloyd’s Broker by the Lloyd’s insurance market as of April 28, 2009.
Together with Marnix Corporation in Japan, which is also an insurance broker and 100% owned by Marubeni Group, Marnix Europe has provided clients with solutions for risk management as well as broking services for insurance and reinsurance since its establishment in London in 1990. The approval as a Registered Lloyd’s Broker enables Marnix Europe to expand its capabilities allowing it to offer the best insurance solutions for the various risks clients hold by directly arranging reinsurance in the Lloyd’s market, which accepts increasingly diverse risks more flexibly than other commercial insurance markets.
The Lloyd’s market, also known as Lloyd’s of London, began in London in the 17th century. Lloyd’s is a mutualised market where members of Lloyd’s join together as syndicates to insure diverse risks. Currentry, there are 90 syndicates being managed by 57 managing agents. Only Lloyd's brokers are allowed to arrange insurance in the Lloyd's insurance market on behalf of the customer. The total amounts of insurance premiums in the Lloyd's market in fiscal year 2008 was 18 billion pounds and profit before tax was 1.9 billion pounds. The security rating for the Lloyd’s syndicates as approved by S&P is A +, and they undertake insurance in more than 200 countries and regions.
Lloyd’s brings together a concentration of specialist underwriting expertise and there are a total of 176 Lloyd's brokers conducting business in the Lloyd’s market.
Marubeni’s Insurance Business
We are engaged in the insurance intermediary business for all our customers in Japan and worldwide through an insurance agency as well as an insurance broker in Japan, and Marnix Europe in the UK.
Using the knowledge,expertise and networks developed as a trading group company, we arrange trade credit insurance through our insurance agency and provide insurance services as an insurance broker to an array of larege-scale overseas projects.
Difference between our insurance agency and our insurance broker
The agency concludes insurance contracts with the authority to act on behalf of the insurance company. An insurance broker proposes and mediates insurance contracts for customers based on an independent position from the insurance companies.
The use of an insurance broker is the usual way of conducting insurance intermediary business in Europe and America. The insurance broker system began in Japan in 1996 as a revision to the Insurance Business Law.
< Company Profile >
Name : Marnix Europe Limited
Location : London, the United Kingdom
Managing Director : Toru Komoguchi
Business : Broking of insurance and reinsurance, risk consulting