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Earlier this month, 44 promising brokers from the United States and Canada traveled to London to spend a week at Lloyd's of London as part of the Andrew Beazley Broker Academy at Lloyd's, a program set up to provide education, foster talent and deepen understanding of the Lloyd's market.
The academy, established in memory of Lloyd's veteran Andrew Beazley, co-founder and CEO of Beazley, who died in 2010, provides a curriculum spanning five core subject areas: energy; property; management liability; professional liability; and marine and inland transportation.
The program was designed to “support and enrich the training that U.S. brokerages give to their high-potential employees,” according to Lloyd's.
This year, 38 brokers from the United States and six from Canada, were nominated by their 33 employers in 27 cities to attend the academy.
The academy is designed to cater to “highly motivated individuals with approximately three to five years' experience of insurance” to enhance their understanding of their particular areas of specialization, Lloyd's said.
The week's curriculum included an introduction to the Lloyd's market and its history, a session on the role of the broker, and time spent on an underwriting “box” in the Lloyd's underwriting room to understand the way coverage is placed in the subscription market.
Participants also were given time to learn how risks are priced, how to develop credible and complete submissions, and how complex claims are negotiated and settled.
The participants attended plenary sessions on subjects including relationship management, behavioral risk and emerging risks. Also, they were able to choose from a series of electives on data breach, political violence and terrorism, kidnap and ransom and contingency, supply chain, political risk and trade credit.
Angela Stoddard, a Baltimore, Maryland-based client manager for hospital long-term care and other health care business at risk and benefit management consultant RCM&D, was one of the brokers nominated to take part in this year's academy. She called it a “huge honor.”
Ms. Stoddard said she was interested to see how highly specialist colleagues worked at Lloyd's and how tailored coverage was put together.
The highlight of the week was the time spent on the box with underwriters, she said, and the ability “to see what our London brokers do when they are pitching business on our behalf.”
Beyond that, she enjoyed the chance to take in the tradition of the Lloyd's market and experience the innovation that takes place there.
People at Lloyd's are “constantly on top of emerging risks,” she said.
Who students, recent graduates and other job candidates know can be just as — sometimes more — important than what they know when it comes to landing a job in the well-connected insurance industry.