Reinsurance was always an awkward situation for regional underwriters, as they had to go through the national underwriters — their competitors — in order to obtain it. Then an awkward situation turned into a problematic one as the national players started to lose their risk appetite for reinsurance and pulled back from the market. The few options that have remained for regional underwriters since 2007 have been less than ideal with challenging negotiable terms that are accepted or rejected on a deal-by-deal basis. Enter Lloyd’s of London.