Become a Lloyd’s coverholder
A Coverholder is a company or partnership authorised to enter into a contract of insurance on behalf of a Lloyd’s syndicate in accordance with the terms of a binding authority. Coverholders are Lloyd’s trusted distribution partners around the world. The strength of the partnership lies in the combination of the local business knowledge and strong relationships of the coverholder and the underwriting expertise and financial security of the Lloyd’s market.
Lloyd’s approves and regulates coverholders to ensure they uphold Lloyd’s standards. All firms wishing to become an approved coverholder must complete the application process.
To become a coverholder in Spain there are a number of requirements firms need to meet including:
- Each applicant requires a sponsoring Lloyd’s broker and/or managing agent. The sponsor will perform their own due diligence of the application before it is submitted to Lloyd’s Delegated Authorities Team for review. You can find a directory of Lloyd’s Brokers online. It makes most sense to talk to a Lloyd’s Broker who deals with the type of business you do.
- The applicant is also required to be duly authorised by the Spanish regulator, the DGSFP. Please be advised that the coverholders regulation in Spain differs from other EU countries.