Family offices are likely to return to the Lloyd’s of London insurance market with the advent of English Limited Liability Partnerships, acc...

Family offices are likely to return to the Lloyd’s of London insurance market with the advent of English Limited Liability Partnerships, according to insurance industry commentators. “I believe LLPs will have several important advantages for wealthy families," said Nigel Hanbury, chief executive of Lloyd’s members’ agency Hampden Agencies He added: “For example, leading accountants and tax & estate practitioners will be quick to spot LLPs are the solution to a variety of tax planning requirements - not least Inheritance Tax. There are also potential pension saving opportunities in LLPs. The prospects for private investors at Lloyd’s are continuing to look good, so confidence has returned” Using Lloyd’s as an investment vehicle offers a unique double use of assets and is a natural hedge against stockmarket cycles with which it has virtually no correlation, according to Mr Hanbury. Today, new investors at Lloyd’s are only permitted on a strictly limited-liability basis.