Open Market Correspondents
For Lloyd's purposes an OMC is an insurance intermediary, that does not have the status of a Lloyd's approved coverholder and that introduces business to Lloyd's, either directly or through a Lloyd's broker for placement at Lloyd's on an open market basis.
When does an overseas broker need to be approved as an Open Market Correspondent?
An intermediary, located in one of the territories listed below, who wishes to place any class of business with Lloyd's underwriters, on an open market basis, must be approved by Lloyd's as an open market correspondent. Note, that this requirement also applies to reinsurance intermediaries located in South Africa.
Canadian reinsurance intermediaries
Reinsurance intermediaries located in Canada, although not subject to the full OMC application process, are required to complete the "Canada - reinsurance broker undertaking" (see below). The form should be signed and returned to Lloyd's Canada (contact details can be found under Lloyd's International Offices on the right hand side of this page in the 'See Also' section).
Coverholder acting as an OMC
An approved Lloyd's coverholder can place business with Lloyd's on an open market basis without completing the OMC approval process.
The coverholder directory can be accessed via the 'See also' secion on the right hand side of this page.
Canadian coverholder acting as an OMC
Where an approved Lloyd's coverholder domiciled in Canada is placing business with Lloyd's on an open market basis and in that respect is therefore required to act in the role of a Lloyd's Open Market Correspondent, the coverholder is required to complete the "Canada - coverholder as OMC undertaking" (see below). The form should be signed and returned to Lloyd's Canada (contact details can be found under Lloyd's International Offices on the right hand side of this page in the 'See Also' section).
Country specific details
For additional country specific information, please refer to Crystal
If an intermediary located in one of the territories listed below 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 relevant 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 approving a new OMC
- Download the relevant application form.
- Sponsoring Managing Agent or Lloyd's broker and applicant to complete the application form, sign and return to the relevant General Representative (contact details can be found under Lloyd's International Offices on the right hand side of this page in the 'See Also' section).
- Where necessary a General Representative may require further details and will contact the applicant (OMC) and/or the Managing Agent or Lloyd's broker directly.
- Lloyd's General Representative will notify the sponsoring Managing Agent / Lloyd's broker and OMC once an application has been successful
- The sponsoring Managing Agent / Lloyd's broker is responsible for notifying the General Representative of any changes to the OMC's details and status.
- Managing Agents / Lloyd's brokers should notify a General Representative if arranging business with an existing OMC by completing the Application form for additional sponsor of a Lloyd's OMC located above.
- Completing this form ensures that Lloyd's central records remain current allowing Lloyd's to contact relevant Lloyd's brokers when necessary.
The table set out below details those territories where a requirement exists for a local broker to be approved:
US Virgin Islands
The following territories are former OMC territories where registration with Lloyd’s local General Representative is a requirement for commerical purposes:
Belgium, Cyprus, France including Monaco, Germany, Greece, Ireland, Malta, Netherlands, Spain3, Portugal4.
1 Applies to both Kentucky and Illinois licensed business only.
2 Applies to both Direct and Reinsurance business.
3 Applies to intermediaries who are ''exclusive insurance agents'' for a Lloyd's managing agent.
4 Applies only to intermediaries who are “insurance agents” for a Lloyd’s managing agent.
Lloyd’s Open Market Correspondents (‘OMCs’) – changes to requirements (Y4276), 12 May 2009 (58.7KB, pdf)
Changes to Lloyd's Open Market Correspondent Approval/Registration Process, (Y3600), 22 July 2005 (795KB, pdf)
For enquiries relating to the Open Market Correspondent's directory please email email@example.com for all other enquiries relating to OMC's please contact Lloyd's International Trading Advice with any enquiries on +44 (0)20 7327 6677 or LITA@lloyds.com