Hooper Dolan Insurances Ltd of Waterford has become the first Irish-based insurance brokerage to be granted direct access to Lloyd's of London.

The firm has been trading with the Lloyd's market through London-based brokers since 1978, primarily placing non-marine, property and liability insurance. Accreditation will allow Hooper Dolan to deal directly with Lloyd's underwriters.

The accreditation process requires brokers to demonstrate their suitability for direct access to Lloyd's by meeting commercial standards, and includes a review of their market knowledge and expertise, company reputation and financial position. Some 161 brokers are permitted access to the Lloyd's market.

Mr Ronald Dolan, chairman and chief executive of Hooper Dolan, said: "This is an exciting development for Hooper Dolan. We believe that this provides a great opportunity for us to develop different markets and the relationship that we have established with Lloyd's. It will allow us to build on our long-standing existing arrangements and friendships."

Mr Steve Boucher, responsible for managing the broker accreditation process at Lloyd's, said: "We are delighted to accredit our first Irish-based broker. Hooper Dolan is a well-established broker and we welcome their addition to the Lloyd's market."

Lloyd's of London is the world's leading insurance market, with a capacity to accept insurance premiums of £14.4 billion (€20.1 billion) in 2003. It is the world's second-largest commercial insurer and sixth-largest reinsurance group.

This year, 71 syndicates are underwriting insurance at Lloyd's, covering all classes of business from more than 120 countries worldwide.

Hooper Dolan has its headquarters at 31 The Mall, Waterford and also has offices in Carlow and Killarney. The firm was established by Mr Dolan and partners in 1978.