Lloyd’s is licensed to underwrite business in over 70 territories and can accept risks proposed from over 200 countries and territories in accordance with local laws and regulation. These licences offer us broad access to major insurance and reinsurance markets worldwide. See www.lloyds.com/crystal for more details.
In Brazil Lloyd’s is registered as an 'Admitted' Reinsurer. This means that all business is written in London on a cross-border basis. Lloyd's underwriters can write all classes of reinsurance in Brazil, except for endowment life insurance and supplementary pension plans.
Lloyd's underwriters do not generally deal directly with policyholders. Instead, business is accepted by Lloyd's underwriters through the following entities:
Lloyd's brokers - insurance business is generally brought to Lloyd's by Lloyd's brokers who are insurance broking firms accredited by Lloyd's to broke insurance business at Lloyd's.
Coverholders or Underwriting Agencies - Lloyd's underwriters may delegate their authority to enter into contracts of insurance to the 'coverholders' or “underwriting agencies”. In such circumstances the general principle is that the coverholder acts as agent of the Lloyd's underwriters (rather than as agent of the policyholder).
Coverholders are not recognised under Brazilian regulations. Therefore, Lloyd’s may not grant binding authority to intermediaries operating in Brazil.
It is permitted for Lloyd's approved coverholders, which are located outside of Brazil, to place reinsurance business from Brazil directly with Lloyd's underwriters without the involvement of Lloyd's brokers.
Open Market Correspondents (OMC) – In some jurisdictions, brokers must be registered with Lloyd's as open market correspondents. This record allows them to negotiate insurance contracts with members of the Lloyd's market through a Lloyd's broker. Click here to see the jurisdictions where OMCs are needed.
In addition, according to Brazilian regulation, a Brazilian cedant can place a risk direct with registered reinsurers or through a registered broker. In this case the register broker is a Brazilian reinsurance broker registered by SUSEP. A list of licensed brokers are available at SUSEP web page www.susep.gov.br.
Get quick and easy access to regulatory and taxation requirements in Brazil with the Crystal tool. This information is intended for use by Lloyd's market professionals only.