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Details of the risk

  • The reinsured is a head office in the UK.
  • The cover will also reinsure subsidiaries in Gibraltar and Israel.
  • Open market business placed through an intermediary in the UK.

For reinsurance risks, the risk location may be determined by the following factors:

  • The country/territory in which the reinsured(s) is established, and
  • The location of the producing broker and/or overseas broker. 

Whether or not a factor is relevant will be dependent on the countries/territories identified.


The UK:

As the risk covers the reinsurance of an insurer’s head office located in the UK, the contract will have a UK regulatory risk location. 


As the risk covers the reinsurance of an insurer located in Gibraltar, the contract will trigger a regulatory risk location in Gibraltar. 


A reinsurance contract is considered an Israeli risk if it reinsures an insurer located in Israel. As the Israeli subsidiary is a party to the contract, the contract is subject to the regulatory regime in Israel. 

In this scenario, all three territories create a regulatory risk location. As the risk is located in more than one territory, it is a global contract. The risk locations are entirely outside of the EU/EEA therefore, the risk must be written by Lloyd’s underwriters using their syndicate stamp. 

As mentioned earlier in this bulletin, it is necessary to apportion premium where risks are located in more than one territory.