Who is the broker usually acting on behalf of in the London Market?

In the London Market, brokers predominantly act on behalf of the insured. Their primary role is to represent the interests of clients seeking insurance coverage. They help clients navigate the market, assess their risks, and find appropriate policies offered by insurers. Brokers provide valuable services such as negotiating terms and premiums, ensuring that the insured's needs are effectively communicated to the insurer.

The focus of a broker's operations is to advocate for the insured, working to secure the best insurance terms and ensuring that clients have access to a wide range of market options. This relationship is built on trust, as the broker aims to provide coverage that meets the specific requirements of the insured while also maintaining professional relationships with various insurers.

In contrast, while brokers have to maintain a balance with insurers, their obligations and duty of care primarily lie with the insured they represent. This fundamentally shapes their role within the London Market.