Lloyd's' corporate transformation makes it an attractive destination for insurance companies not domiciled in the UK, but wishing to enter the UK market. Much of the mystery of insurance lies in the intangibility of the product being sold. Thomas observes that, as there has been consolidation in the insurance market, so there has been a parallel shift in the services of law firms. What this trend is not doing', Thomas insists, 'is impacting on insurance specialists. To make things worse, the regulations governing insurance companies and governing Lloyd's are very different.
Clients are very demanding.
They expect you to understand their industry as well as they do.