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Relationships

This section shows the Managing Agents and Brokers who have a relationship with the Coverholder.

Relationships on ATLAS determine who can see what Coverholder information. Without the appropriate relationship on ATLAS, a Lloyd’s Broker, Managing Agent or Coverholder will not be able to access the record or see restricted documents.

The relationships sections of the details tab list the five relationship types and the market participants who have this type of relationship with the Coverholder. The Coverholder user is able to see all companies who have access to the Coverholder record and how long for (i.e., all companies who have a current relationship). Lloyd's Brokers and Managing Agents are only able to see the relationships which they have with any Coverholder.

It is important to note that following the implementation of DCOM, all coverholder PINs require a permitted lead relationship on ATLAS for the binding authority to be registered. In addition to this, any section lead managing agents will also require a permitted lead relationship on ATLAS and the full rationale to be provided as per the Permitted lead Managing Agent concertina below.

There are six types of relationships:

1. Permitted lead Managing Agent. (Also referred to as Restricted relationship)

2. Permitted lead – Lloyd’s Brussels

3. Direct Deal Managing Agent (DDMA)

These tasks are a one or two stage change task dependent on who initiates the task on ATLAS. This means that a stakeholder is required to authorise the change and the information on the ATLAS database once the 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. However, the relationship won't be mirrored into DCOM until the overnight update has taken effect.

Lloyd's service standard: 10 Working Days (Permitted lead and DDMA)

4. Associated Managing Agent.

5. Broker relationships.

6. Binding Authority relationships.

These tasks are a zero stage change task. This means that a stakeholder is not required to authorise the change and the information is written directly to the database. The information will be immediately viewable under the details tab. However, the relationship won't be mirrored into DCOM until the overnight update has taken effect.

Coverholders who are not approved by Lloyd’s Brussels to write Lloyd’s Brussels business but wish to write a CAA, require a Permitted Lead – Lloyd’s Brussels. Only those coverholders who with this approved restriction can support Lloyd’s Brussels business. A permitted lead – Lloyd’s Brussels relationship can be started by a Broker with a relationship with the Coverholder on ATLAS, or by the Managing Agent wishing to lead. For a Lloyd’s Brussels relationship to be approved, the following points will also need to be addressed in the supporting comments on ATLAS:

1. Confirmation that due diligence has been performed by the Managing Agent on the Coverholder.

2. The syndicate number the business will be written by.

3. Rationale as to why the Managing Agent wishes to grant a CAA to this Coverholder.

4. Proposed business & territories being written under the CAA.

5. Confirm whether the Managing Agent has had a relationship with this Coverholder before and whether they will require new classes of business for your binder.

6. Please also provide the risk codes to be written and the syndicate business forecast classes the risks will be written into.

7. In addition to this, please confirm whether this will be a Consumer Product Binding Authority (CPB). If so, as the Managing Agent, a consumer products binder questionnaire will need to be provided - as per Market Bulletin Y4739 unless you are exempt. If you are exempt, please confirm this.

Managing Agents who either lead an overall binding authority or lead a section on a binding authority will need to support a permitted lead request. A permitted lead relationship can be started by a Broker with a relationship with the Coverholder on ATLAS, or by the Managing Agent wishing to lead.

A direct deal Managing Agent (DDMA) relationship is requested when a Managing Agent intends to deal with a Coverholder without a Broker. This relationship allows them to act as Broker and amend the Coverholder details on ATLAS and register binding authorities on DCOM.

The following points will also need to be addressed in the supporting comments on Atlas for either of these tasks:

1. Confirmation that due diligence has been performed by the Managing Agent on the Coverholder.

2. The syndicate number the business will be written by.

3. Please provide a rationale as to why the Managing Agent wishes to grant a binding authority to this Coverholder.

4. Please also confirm whether the Managing Agent has had a relationship with this Coverholder before and whether they will require new classes of business for your binder.

5. Please also provide the risk codes to be written and the syndicate business forecast classes the risks will be written into.

6. In addition to this, please confirm whether this will be a Consumer Product Binding Authority (CPB). If so, as the Managing Agent, a consumer products binder questionnaire will need to be provided - as per Market Bulletin Y4739 unless you are exempt. If you are exempt please confirm this.”

 

Previously on BARS section lead information wasn’t captured; however where applicable this information is now captured on DCOM. When you are registering a binder on DCOM and section lead information is required these will first need to be registered and approved on ATLAS. Where you require these relationships to be added on ATLAS please submit a permitted/restricted lead relationship and confirm the following when submitting the task:

‘We are requesting a Permitted/Restricted lead relationship to allow us to register as a section lead on DCOM. We confirm that we have been a section lead previously on this binder and this is existing business to us.’

Lloyd’s Delegated Authority team will now process these accordingly on ATLAS to allow you to register on DCOM.

An associated Managing Agent relationship can be used to give a following market access to a Coverholder’s data, or give potential leads and followers access to a Coverholder prior to a risk being written to conduct their due diligence. This relationship allows the Managing Agent to view a Coverholder’s details, but they will not be able to initiate changes/extensions to permissions.

Only a Lloyd’s Broker that has a relationship with a Coverholder can start an associated relationship. This relationship lasts for a year, but can be renewed at any time.

A Broker relationship enables the broker to amend Coverholder details on ATLAS. It also enables them to register Binding Authorities for the Coverholder on DCOM. This relationship can only be started by Lloyd’s approved Broker and must be supported by a Managing Agent. No rationale is required.

This section on ATLAS lists all the managing agents who have a current active Binding Authority with the Coverholder, where the Binding Authority has been registered on DCOM and the Managing Agents details have been recorded on DCOM (either as lead or follow). Binding Authority relationships give read-only access to the Coverholder’s record until expiry of the registered Binding Authority.

Q: We would like a permitted lead relationship or DDMA with a Coverholder but we do not have access to their pin to carry out our due diligence.

A: Please note that to view a Coverholder’s details you will need an associated relationship with the Coverholder first. This can be started either by a Lloyd’s Broker who has a registered interest in the Coverholder, or by a Managing Agent through email to coverholders@lloyds.com. This email should include written confirmation from the Coverholder that they are happy for the Managing Agent to access their information.  

Q: I have tried to set up a binding authority on DCOM and it is coming up with a validation error stating that the managing agent doesn’t have a permitted lead relationship with the Coverholder however the permitted lead relationship has been approved on ATLAS.

A: This is most probably occurring due to the start date of the permitted lead relationship on ATLAS. If the start date is after the inception date of the binding authority on DCOM then this validation error will show. To resolve this error please raise a support ticket on the market support centre and ask for this to be backdated.

Q: I am trying to set up a binding authority on DCOM as a broker but the coverholder isn’t coming up when I search for them on the coverholder details section.

A: This will happen if the broker doesn’t have a broker relationship with the coverholder on ATLAS. To resolve this, a broker relationship will need to be added on ATLAS.