In reading John Neal's recent vision for Lloyd's, it is hard not to interpret that this vision clearly wishes to remove the Lloyd's broker, in a wholesale capacity, from the value chain. I am also intrigued to see that the value chain image is incorrectly showing an MGA having direct access to a syndicate. What are the views of the Lloyd's brokers?
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Pressed on whether Lloyd’s was advocating compressing the value chain to take out acquisition costs associated with wholesale brokers and MGAs, Neal said: “I think you have to simplify the value chain.”
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