Becoming an Intermediary and coverholder

Open Market Correspondents(OMC) 
An OMC is an insurance intermediary, that does not have the status of a Lloyd's approved coverholder and that introduces business to a Lloyd's broker for placement at Lloyd's on an open market basis.

Intermediaries must be aware of all the regulations for placing insurance with Lloyd’s and must undertake to comply with all legal and fiscal obligations.

When does an overseas broker need to be registered/approved as an Open Market Correspondent?

An intermediary, located in Switzerland, who wishes to place non-marine or marine business with Lloyd's underwriters, on an open market basis, must be approved by Lloyd's as an open market correspondent if dealing directly with a Lloyd’s broker. If an intermediary located in Switzerland proposes to place business with Lloyd’s underwriters, but is not dealing directly with a Lloyd’s broker, it is recommended that they contact the Lloyd’s Representative’s office.

Intermediaries must be aware of all the regulations for placing insurance with Lloyd’s and must undertake to comply with all legal and fiscal obligations

Process for registering/approving a new OMC
• Download the application form.

• Sponsoring Lloyd's broker and applicant to complete the application form, sign and return to the General Representative

• Where necessary a General Representative may require further details and will contact the applicant (OMC) and/or the Lloyd's broker directly.

• Lloyd's General Representative will notify the sponsoring Lloyd's broker and OMC once an application has been successful 

Please click on the links below for the 'Application form to become a Lloyd's approved.

Download OMC application form (70.6KB, pdf) Download OMC application form (218KB, doc)
Becoming a Coverholder

All firms wishing to become an approved coverholder must complete the application process.

Each applicant requires a sponsoring Lloyd's broker and managing agent, who perform their own due diligence of the application before it is submitted to Lloyd's coverholder department for review.

In reviewing an application Lloyd's will pay particular attention to the following areas:

• Suitability and experience of individuals
• Applicants financials
• Authority to operate in specified territories 

Coverholder directory
 
Click here to access the coverholder directory for Switzerland

This directory includes information on all approved and restricted coverholders