In the Netherlands, Lloyd’s underwriters can accept risks and issue policies via a Service Company, a local Dutch coverholder or a (Lloyd’s) broker.
Netherlands Service Companies
A service company operates like a coverholder but is a wholly owned subsidiary of a managing agent or its group. Unlike a coverholder, a service company is able to sub-delegate underwriting authority to other coverholders.
The coverholder model is unique to Lloyd’s. However the Netherlands have started something very similar some 65 years ago. In the Netherlands this is called “gevolmachtigd agenten” and they are recognised by law and are separately registered with the regulator. There are some 300 “gevolmachtigd agenten”in the Netherlands processing over EUR 3 bn of premium. Lloyd’s has approved little over 30 coverholders in the Netherlands.
The Netherlands have been having a subscription trade market on an Insurance floor since 1598.The floor ceased to exist some 15 years ago but the association (VNAB) running the market is still in existence. Business nowadays is traded on an online platform called E-ABS.
Many brokers also place part of their placements at Lloyd’s. In addition there is also 1 approved Lloyd’s Broker in the Netherlands.
Use our market directories to find an accredited Lloyd’s broker, syndicate or coverholder.
You can access Lloyd’s via a local Dutch coverholder or broker or by contacting a service company directly.
Please use the market directory on Lloyds.com to search for a local representative by class of business and country.