A&P Worldwide Solutions, a London-based reinsurance brokerage firm, has been granted the status of a broker by the specialist re/insurance marketplace Lloyd’s.

A&P said that this status will enable it to expand its brokerage business across the globe.

The brokerage firm is authorised and regulated by the UK Financial Conduct Authority (FCA) and is a member of the British Insurance Brokers Association.

It is also a member of London & International Insurance Brokers’ Association (LIIBA) and the African Insurance Organisation (AIO).

A&P Worldwide Solutions CEO Antish Ramrup said: “We are delighted to achieve Lloyd’s broker status. This will help us to grow our insurance and reinsurance brokerage business worldwide.”

A&P Worldwide Solutions managing director Sabrina Ramrup said: “We are incredibly proud and privileged to be approved as a Lloyd’s broker. Lloyd’s financial strength is derived from its unique capital structure, and this will help us provide world class service to all our customers.”

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At present, A&P provides services for treaty and facultative reinsurance, energy, professional risks and speciality lines, including agriculture, space and cyber liability as well as credit risks insurance.

The addition of new member broker is also a positive sign for Lloyd’s as the company is looking to strengthen its position to compete with new entrants in the market.

Recently, it announced plans to split its operations into two automated exchanges and transfer much of its operations online to reduce operational costs and transform business.

Recently, Lloyd’s invested around $150,000 in artificial intelligence start-up Layr, which focuses on commercial insurance products for small businesses.