Underwriters should pay $5m for the right to a seat in the Lloyd's market, according to Robert Hiscox, chairman of UK-based insurer Hiscox. Speaking yesterday at Insurance Day Summit London, Mr Hiscox repeated previous calls for Lloyd's to charge higher entrance fees. "We have a franchise that is very priceless, one that has survived times of agony, in particular the [Reconstruction & Renewal] years, but now we allow new entrants to come in and compete with us. He referred in particular to Chubb, which tried to buy Hiscox twice, failed, and was then allowed into Lloyd's. "What are they going to do? Probably try to take all of our clients, that's what". Mr Hiscox said that he was not opposed to new carriers at Lloyd's if they brought something new to the table, "but they should pay for the privilege". On a separate matter, Mr Hiscox said that strong regulation of Lloyd's regional offices was vital. Although such licences were "one of Lloyd's major selling points", Mr Hiscox said that he was concerned that bad underwriting impacted on all Lloyd's members. "I want to see the person who has lost me money on the underwriting floor at Lloyd's", Mr Hiscox said. He recommended that the regional offices should not be underwriting offices. They should find business that would not normally find its way to London, but the pricing of that business should take place in London, he said.