Become a Lloyd's partner in Italy
Find out how to become a Lloyd’s coverholder or registered broker.
Become a Lloyd's coverholder
A coverholder is a company 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 Italy 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.
- Once approved, coverholders need to sign a collaboration agreement with Lloyd’s Milan.
Open Market Correspondents (OMC)
An OMC is an insurance intermediary who introduces business to a Lloyd's broker for placement in the Lloyd's market on an open market basis.
Italian Open Market Correspondent must be registered in order to place insurance contracts through one or more Lloyd’s Brokers (the sponsor).
Process for registering/approving a new OMC:
- Obtain the sponsorship of the Lloyd's broker
- Download the application form: Italy OMC registration form.
- Sponsoring Lloyd's broker and applicant to complete the application form, sign and return to email@example.com, together with some additional details including a proposed business plan.
- Lloyd's Italy will notify the sponsoring Lloyd's broker and OMC once an application has been successful.
- Once registered, the OMC needs to sign a collaboration agreement.