NET WRITTEN PREMIUMS: $8.58 billion

Lloyd's of London's prominence as a leading provider of reinsurance and insurance is supported by three qualities that distinguish it among its global competitors, the executive in charge of monitoring franchisees at the centuries-old marketplace says.

“Flexibility, security and capacity” are what makes Lloyd's the respected marketplace it has become during more than 300 years of operation, says Rolf Tolle, who has served as the franchise performance director at Lloyd's since 2003.

The respect Lloyd's has earned for the quality of its service, value and innovation led voters to choose it as the best overall reinsurer in this year's Business Insurance Readers Choice Awards. The market, from its beginnings in 1688, has grown to comprise around 80 individual syndicates that together make up one of the world's largest providers of insurance and reinsurance.

International reinsurance at Lloyd's in 2008 totaled £6.30 billion ($10.46 billion) in gross premiums, about 35% of Lloyd's total business.

Lloyd's structure makes it a flexible place in which to do business, Mr. Tolle explained. “Because it is a subscription market, there are a lot of very professional people that can meet your needs.”

In fact, the flexible nature of the way business is conducted is a distinguishing feature at Lloyd's, Mr. Tolle said. “One of the biggest differentiators is that it is a subscription market. With other reinsurers, you get one line. Here, you can go into a room and choose from a lot of people. You can choose a lead if you want and there are others who will follow.”

The subscription market arrangement also means Lloyd's can provide substantial capacity, he noted.

Lloyd's reputation as a secure market also has kept it in good stead with clients, Mr. Tolle noted. As some of its competitors have suffered to near-collapse in recent months, Lloyd's has remained a solid marketplace, he said.

“People say that's what makes Lloyd's a great marketplace,” he said of its reputation as a secure place to do business.