Coverholders

About coverholders Benefits of being a Lloyd’s coverholder Becoming a coverholder Resources

Participating in the Lloyd’s market as a Coverholder

Our unique insurance market has an unrivalled concentration of specialist underwriting expertise. We want the best talent amongst global, regional, small and entrepreneurial businesses looking to grow their market share, access new business opportunities and benefit from our internationally recognised brand.

About Coverholders

A Lloyd’s Coverholder, also referred to as a Managing General Agent (MGA), is a company that has been authorised by a Lloyd’s Managing Agent to enter into insurance contracts on behalf of a Lloyd’s syndicate. This authority is granted through a formal Binding Authority agreement, which defines the scope of underwriting and administrative functions the Coverholder is permitted to perform.

This arrangement allows Lloyd’s to extend its global reach through trusted local partners, offering specialist insurance products and expertise without needing a physical Lloyd’s presence in every market. Coverholders play a vital role in the Lloyd’s market by delivering products to local markets, leveraging local knowledge to write niche and specialty risks.

Benefits of being a Lloyd’s Coverholder

Brand recognition

Lloyd’s is the world’s leading insurance and reinsurance marketplace. As a Coverholder, you gain the credibility and trust associated with the Lloyd’s brand, supported by strong financial ratings and security.

Local authority with global backing

Coverholders are able to underwrite risks, issue policies, and manage claims under a Binding Authority agreement—delivering a tailored local service with the strength of Lloyd’s syndicates behind them.

Access to specialist products

Lloyd’s offers a wide range of specialist insurance solutions across multiple classes of business. Coverholders can utilise their local expertise to provide products to meet the needs of niche markets as well as emerging risks.

Collaboration

Coverholders work closely with experienced Lloyd’s underwriters and brokers to develop innovative and bespoke insurance solutions for their local markets.

Global network

Lloyd’s extensive global network provides regulatory guidance, market tools and support to ensure compliant and consistent service across territories.

Becoming a Coverholder

1. Secure Sponsorship

Prospective Coverholders must be sponsored by both a Lloyd’s Broker and a Managing Agent. Sponsors support your application and provide key guidance throughout the process.

2. Submit Your Application via ATLAS

The Managing Agent initiates the application on Lloyd’s ATLAS platform. Applicants must supply business plans, financial information, and demonstrate robust operational capabilities.

3. Complete the Undertaking

All applicants sign a Coverholder Undertaking confirming their commitment to Lloyd’s standards, compliance protocols, and operational integrity.

4. Approval & registration

Following due diligence review and approval, successful applicants are formally recognised as Lloyd’s Coverholders.

See more detail about the Coverholder application process and our guidance on each step.

Find out more about our application process

Resources

Explore available resources to support Coverholders.

New Coverholder application

Companies must be approved as a Lloyd’s Coverholder before binding insurance or issuing documents on behalf of a Lloyd’s underwriter. This involves an application process supported by a sponsoring Lloyd’s Broker and Managing Agent.

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New branch applications

Branch applications are only accepted if the legal entity matches an approved Coverholder. Subsidiaries or sister companies must submit a full application.

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Wording expectations for contracts of delegation

This guidance is limited to contracts of delegation of underwriting authority or the issuance of insurance documentation and does not deal with requirements for contracts of (re)insurance.

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