Foreword Introduction: the opportunity Policy and regulation Aligning US and UK approaches Investment and capital 昀氀ows Sector focus Looking ahead Sector focus US and UK 昀椀nancial and professional services: growing together Insurance “The London Market is the Professional services The UK is the world’s largest and most mature commercial and largest commercial and specialist The UK is a global centre for professional services as well as a global specialist insurance market, operating in over 200 countries insurance market in the world, 昀椀nancial centre – and the two are closely connected. Having access to worldwide. Every one of the top 20 global insurance and reinsurance high-quality and specialised management consulting, legal activities 昀椀rms has a presence in London. with 7.6% of global market share. and accounting services is crucial for business success. North America is the largest source of business for the London Market We support clients with a huge The UK is the largest supplier of professional services imports in the – around 38% of business comes from the region. The US is also the number of complex deals across US – $12bn in 2022, accounting for 19% of total imports in the sector. London Market’s largest source of capital – 23% of the London Market all types of risks – including in new The vibrancy and diversity of the UK’s management consulting premium was held by US companies. technologies and climate risk – and industry, from large international 昀椀rms to boutique specialists, makes Lloyd’s of London is the largest provider of surplus lines insurance a lot of that capital is reinsured or it well placed to advise US businesses on a variety of emerging areas. (insurance against large 昀椀nancial or uncommon risks) in the US with These include digital transformation and sustainability, where the structured via London because of 26 around 16% of the market share. It provides specialist insurance industry has seen the largest growth globally. The UK is also a great against risks that are too complex to be insured by local US providers. the technical ability and wide range launchpad for US professional services 昀椀rms looking to expand. And it has the pool of capital that allows it to take on and pay out of platforms and expertise we have these complex risks. In 2022, $15bn of the surplus lines premium 25 at our disposal here.” was written through Lloyd’s syndicates. $12bn As demand for climate-related (re)insurance grows in the US, Mark Parker, Head of Aon’s London- the UK’s long-standing expertise in large and uncommon risks can US professional services imports from the UK based Global Broking Centre be counted on in the absence of US solutions, to bene昀椀t 昀椀rms in both countries. “The UK has always been the go-to market for US professional services businesses and 16% their clients to expand their global presence. Finance, talent and access to customers across London Market’s share of US surplus lines, multiple sectors as well as business cultural making it the largest provider alignment between the US and UK provide a natural entry point for expanding into the UK and beyond.” Steve Wilson, US Managing Partner, Osborne Clarke Sources: 25. London Market Group 2022 26. MCA 2023 11