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From the beginning of the developments in marine insurance in the eighteenth century, insurance brokers to date have always played a crucial role in the operation of the insurance transactions. This is because of the nature of the business conducted by the brokers: bringing assured and insurers together, acting for the insurer when instructed eg for collection of premium and obtaining reinsurance for insurers. In the eighteenth century the individual underwriters at Lloyd's reportedly said that a reputable broker ‘was very careful with whom they open accounts'1 and they ‘refuse business continually' from those they did not consider ‘respectable'.2
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