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Ownership

The ownership section for the Coverholder shows both company and individual owners and what their shareholdings are. These details can be edited to add new information, or the ownership can be ceased, and details of the new owners added.

On the ownership form you should enter both companies and individuals owning a shareholding in the Coverholder. ATLAS shows both company and individual owners and what their shareholdings are.

When submitting a change of ownership on ATLAS, please provide confirmation from the Coverholder that there will be no material changes to the entity because of the change in ownership. If there will be material changes to the entity, such as changes to the legal name, key staff, location, or systems we will ask you to contact the Lloyd's Delegated Authority team before submitting a change of ownership on ATLAS.

After clicking change ownership you will be asked if you want to make changes to certain other sections on the Coverholder’s ATLAS details. Answering yes to any of these questions will add forms to the change request.

Ownership must be kept up to date on ATLAS as and when changes occur as agreed in the Coverholder Undertaking.

Company Ownership

Please complete the details for any company which owns a shareholding in the Coverholder. The ‘Company trading name’ is the trading name of the owning company and the ‘Registered name’ is the legal name of the owning company, these may be the same.

To cease a company owner, enter a cease date. The cease date should be the last day of the company’s ownership. The shareholding should remain unchanged in order to build a historical record.


Individual Ownership

Please complete the details for any individuals who own a shareholding in the Coverholder which is greater than 10%. It may be necessary to add individual owners who own less than 10% where the answer to the drop down at the bottom of the page is ‘less than 10’

To cease an individual owner, enter a cease date. The cease date should be the last day of the individual's ownership. The shareholding should remain unchanged in order to build a historical record.

Add a new company or individual owner

To add a new company or individual owner select add.

100% Ownership - There will be occasions where the total shareholding does not equal 100%. This will be due to the requirement for initially only providing details of individuals who have at least 10% shareholding. Where total shareholding does not equal 100% please answer the drop down at the bottom of the form. If 'less than 10' is selected the additional shareholders' details will need to be added. Where total shareholding still does not equal 100% please provide a supporting comment explaining how the remaining shares are held.

Structure Chart - It is not mandatory, but it may be useful to attach a company structure chart to give Lloyd's and Managing Agents an overview of where the Coverholder sits within the group, where it is owned by another company.

Documents can be attached to support the information required on this page.

This section can be updated by the Coverholder, Lloyd's registered Broker or direct dealing Managing Agent.

The task is a one or two stage change task dependant on who initiates the task on ATLAS. This means that a stakeholder, in this case Lloyd’s is required to authorise the change and the information on the ATLAS database once the Coverholder, Lloyd's registered Broker or direct dealing Managing Agent has created and submitted the task. The information will be immediately viewable under the details tab once approved.

For those tasks where the sponsoring Managing Agent meets the relevant expectation under the Principles of Doing Business; a signed attestation can be provided to Lloyd’s along with the task in ATLAS. We will not require any further details if no material changes are taking place alongside the ownership change.

Lloyd’s will then process the change to permission task alongside the attestation.

If the sponsoring managing agent does not meet the required maturity levels under the Principles of Doing Business, Lloyd’s requires the additional supporting information noted above, to be provided and the Delegated Authorities Team will carry out an assessment on this task. 

This information can be attached to the relevant task. 

Failure to include this information will result in the task being returned.