Is there a reason why the list of players in the London Market at the beginning of chapter 6 doesn't include UK-domiciled insurance companies (rather than Lloyd's Syndicates)?
Some UK domiciled insurance companies are mentioned (eg UK subsidiaries or branches of overseas insurance or reinsurance companies and the reinsurance departments of UK composite companies). However, London Market business is normally very specialised/unusual business and as discussed in Section 2.2 it is normally written using the slip/subscription system. As a result some UK "pure" general insurance companies may not be set up to write these sort of risks in this way.
I'm still not convinced, although I do appreciate the reply! I work for an intermediary in the London Market so I'm not necessarily troubled by the concept or the slip system, I am just surprised that there doesn't appear to be a significant presence of UK companies writing insurance in the London Market but not through a Lloyd's syndicate. For example, looking through the list of Lloyd's managing agents I would be surprised if a number of the UK-domiciled members them don't also write a number of similar risks through the company office (eg Catlin before they were Bermuda domiciled). It's not going to make or break my exam I'm just curious!
