Understanding Lloyds Insurance Market Abbreviations

Posted In Tutorials - By NitiN Kumar Jain On Friday, December 19th, 2008 With 0 Comments

Pin It

LIRMA –    London international insurance and reinsurance market association. This association is formed by the London Company market underwriters for Non Marine business.

ILU –    Institute of London underwriters. Formed by London company market underwriters for Marine business.

LLOYD’S –  Formed by the Lloyd’s underwriters.

LPSO –            Lloyds policy signing office.

EDIFACT -       Electronic data interchange for accounts commerce and trade.

LIMNET -          London Insurance market network. It links London brokers to ILU, LIRMA companies and Lloyd’s.

RINET -             Reinsurance and Insurance network

EPS –                Electronic placing system, Used by the London brokers to place Risk in Lloyd’s and companies market.

IUA -                 International underwriters association, ILU and LIRMA together formed IUA.

LPC -                London processing center, IUA formed LPC.

LPAN –             London premium advice Note

USM –               Underwriting signing message.

CLASS -           Claims Loss advice and settlement system.

LPSO and ILU uses EDIFACT message format.

LIRMA uses flat file format for messages.

Third party software called INTERCEPT is used to receive EDIFACT messages.