These licences offer us broad access to major insurance and reinsurance markets worldwide. See www.lloyds.com/crystal for more details.Lloyd's underwriters do not generally deal directly with policyholders. Instead, business is accepted by Lloyd's underwriters through the following intermediaries:

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.

Non-Lloyd’s brokers: Non-Lloyd's brokers can deal directly with managing agents subject to meeting the same commercial and regulatory standards that apply to Lloyd's brokers.

Coverholders: Lloyd's underwriters may delegate their authority to enter into contracts of insurance to an intermediary known as a 'coverholder'. 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).

Open Market Correspondents: In Portugal, an OMC is a Portuguese insurance agent working directly with one or several Lloyd’s Managing Agents (the sponsor). The Managing Agent must check that the Portuguese insurance agent meets the minimum standards and a TOBA must be entered into. Lloyd’s Iberia will apply for registration of the insurance agent with the ISP’s Register of Insurance Intermediaries.

For more information, please contact Lloyd’s Iberia.

Useful links:

How to place risk at Lloyd’s

Find a coverholder in Portugal

Crystal
Get quick and easy access to regulatory and taxation requirements in Portugal with the Crystal tool. This information is intended for use by Lloyd's market professionals only.