Natural disasters, heightening regulation, emerging markets and softening rates all pose challenges to Lloyd's insurers every hour of every working day in Lime Street.
But, as business processes are refined and the market gets itself ship-shape to face these challenges, some managing agents also appear to be keeping a watchful eye on how their business is being perceived among the broking fraternity.
As one leading claims director puts it: "Brokers will vote with their feet and place business where it is easier, quicker and cheaper to do so, where contract certainty can be achieved and everything is more convenient."
A recent broker survey, conducted by Markel Inter-national, seems to prove the point.
According to Markel, on a scale of one to 10, financial strength gets a nine and looms large in the minds of brokers when choosing a managing agent. This is followed by empowered underwriting, understanding clients' business and paying claims efficiently.
At the bottom of the pile are: a friendly environment, belonging to Lloyd's and speedy policy issue.
While none of the results is particularly surprising, apart from the apparent lack of emphasis on hitting contract certainty targets with speedy policy issue, what is unusual is that those things that Lloyd's prides itself on are not higher on the agenda.
Belonging to Lloyd's, innovation, world class underwriting expertise and being trusted by clients, all fall in the bottom ten.
When it comes to doing business at One Lime Street, there is no doubt that each broker has his favourite underwriter and vice versa, after all Lloyd's is based on a foundation of relationships - networking and reputation.
But that preconception comes with some danger. Simon Hayes, chief executive of marketing company, Effective Image, and a former broker, says: "It might be that an existing underwriter and the broker get on really well but the broker has a duty to explore other options. The duty is with the client."
Markel insists it will use the survey to "continually strive" to improve service standards, making it easier to do business with it.
As the insurer's marketing director, Tamara Cutting, points out: "With an increasingly competitive market and harsher market conditions, it is evermore important to fully understand our brokers' wants and needs."
The image of managing agents, aside from that carved out through the enduring relationships built at the 'box', is an important part of how companies maintain their status in the market.
And Markel is probably not alone in recognising the importance of the broker, as Hayes warns: "A lot of capital has gone to Bermuda, so Lloyd's and London cannot afford to be complacent." IT
