Placing Broker Interview Questions UK: 8 Real Questions and What Interviewers Want

Applying for a Placing Broker job in the UK? Here is what you are likely to be asked. These questions come from our Placing Broker question bank of 12 questions, written for UK employers at mid-level level.

Eight Placing Broker interview questions, and what the interviewer is thinking

1. What goes into a slip, and what do you check before you take it to the underwriter?

Why they ask: The slip is the core document of London market placing, so they test whether you can build one properly.

2. How do you select a lead underwriter and then build the following market for a risk?

Why they ask: They want to see your market knowledge and how you use it for your clients.

3. What is the difference between an indication, a quote and firm order terms, and why does it matter?

Why they ask: They are checking for precise understanding of terminology that has real consequences in placing.

4. How do sanctions clauses and financial crime checks affect your placing work?

Why they ask: They want to test your awareness of compliance obligations specific to the international market.

5. Why do you want to be a placing broker in the London market?

Why they ask: They want to see genuine motivation and understanding of the role's pace and nature.

6. The lead underwriter has agreed terms, but a following underwriter now wants to add an extra exclusion. What do you do?

Why they ask: They want to see how you manage conflicts of terms in a subscription market.

7. You realise after the slip has been signed that a limit on the slip is lower than the client instructed. What do you do?

Why they ask: They want to see how you handle a placing error, which could cause an uncovered loss.

8. Tell me about a time you negotiated better terms for a client in the market.

Why they ask: They want evidence of negotiation, preparation and market relationships.

A sample answer to question 1

What goes into a slip, and what do you check before you take it to the underwriter?

In the Lloyd's and London market, risks are normally placed on a Market Reform Contract, which is the standard slip format. It includes the insured and reinsured parties, the period, interest, sum insured or limit, territory, perils, deductibles, premium and brokerage, conditions, clauses and the security details. Before presenting it, I check that the wording matches what the client has asked for and that the structure is sensible. I ensure the clauses are correct and current, such as the LMA sanctions limitation clause and the premium payment clause, and I check that the information in the slip matches the underwriting submission, because inconsistencies lead to queries and, later, to disputes. I make sure the order is clear, so that underwriters know what is being offered, and that the subjectivities are realistic. I then take it to the lead underwriter, usually with the submission and a short verbal presentation, so that they can quickly understand the risk and our recommended terms.

Common mistake to avoid: Using out-of-date clauses; Letting slip and submission disagree

Want the rest?

Full model answers, key points and common mistakes for all 12 questions are on the Placing Broker interview questions page. The first five are free, no sign-up needed.