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 South Africa, there are several requirements entities need to meet. 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.
Further due diligence will also be conducted by the Lloyd’s South Africa office.
You can find a directory of Lloyd’s Coverholders online. It makes most sense to talk to a Lloyd’s Broker who deals with the type of business you do.