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Insurance Noodle (Chicago), the online, membership-based insurance placement platform, has announced its status as a coverholder with Lloyd’s of London. As one of only 1,080 coverholders in the United States, Insurance Noodle is now authorized to underwrite and insure accounts on behalf of certain Lloyd’s underwriting syndicates.
Insurance Noodle calls its position as a Lloyd’s coverholder a significant step forward in its evolution as an insurance industry leader. The position grants Insurance Noodle access to the Lloyd’s brand, its member syndicates, financial security, and A+ ratings. Insurance Noodle says it gains the ability to manufacture exclusive and unique products and to distribute those products through its member agents.
“We’re honored by Lloyd’s decision to appoint us,” comments Ralph Blust, President of Insurance Noodle. “And we’re excited to pass the benefits along to our member agents. One of the biggest benefits of being a coverholder is the ability to build unique insurance products quickly for our member agents.”
Bespoke Products for Insurance Noodle Members
Lloyd’s is the world’s premier specialist insurance and reinsurance market, featuring a concentration of underwriting expertise and talent. It is often the first to insure emerging, unusual, and complex risks. Insurance Noodle notes that it already offers its members greater access to a wide range of business classes, and as a coverholder at Lloyd’s, the company will now be able to build bespoke products for its members.
“If our agents present a market opportunity our carriers are not inclined to consider, we can turn to Lloyd’s and develop a product to address it,” Blust says. “This gives us and our members a significant edge in the marketplace.”