Lloyd’s Open Market Correspondents (“OMCs”)
An OMC is an insurance intermediary in certain designated territories that introduces business to the Lloyd’s market for placement at Lloyd’s on an open market basis and which does not have the status of a Lloyd’s approved coverholder.
When does an intermediary need to be approved as an OMC?
An intermediary, located in Switzerland, who wishes to place non-marine or marine business with Lloyd's Underwriters, on an open market basis, must be approved by Lloyd's as an OMC.
Please note that OMC approval needs to be obtained regardless of whether the intermediary is placing the business through a Lloyd’s broker or directly to the syndicate (in accordance with the Guidance for Managing Agents – Acceptance of Business from Non-Lloyd’s Brokers).
Intermediaries must be aware of all the regulations for placing insurance with Lloyd’s and must undertake to comply with all legal and fiscal obligations.
Process for approving a new OMC
- Download the application form.
- Sponsoring Lloyd's broker and applicant to complete the application form, sign and return to the General Representative for Switzerland.
- The General Representative will require further details and will contact the applicant (OMC) and/or the Lloyd's broker directly.
- Lloyd's General Representative will notify the sponsoring Lloyd's broker and OMC once an application has been successful.
Please click on the links below for the 'Application form to become a Lloyd's approved OMC.
A Coverholder is an insurance intermediary authorised by a managing agent to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate managed by it, in accordance with the terms of a binding authority.
When does an intermediary need to be approved as Coverholder?
An intermediary, located in Switzerland, who wishes to place non-marine or marine business with Lloyd's Underwriters, under a binding authority, must be approved by Lloyd's as a Coverholder.
Process for approving a Coverholder
To become a coverholder you must find a sponsoring broker and managing agent willing to support your application. You can find a directory of Lloyd’s brokers online. It makes most sense to talk to a Lloyd’s broker who deals with the type of business you do.
The Lloyd's broker will be your main point of contact for information regarding coverholder processes, systems and requirements. When you have found a Lloyd's broker that is willing to sponsor your application, they will then find an appropriate managing agent to support your application.
Once a managing agent has been found, they will complete a process of due dilligence on your firm. If the managing agent wishes to support your application and grant you a binding authority, they will instruct the sponsoring broker to start an application on Atlas.
All firms wishing to become an approved coverholder must complete the application process. In reviewing an application Lloyd's will pay particular attention to the following areas:
- Suitability and experience of individuals
- Applicants financials
- Authority to operate in specified territories
For more details, see the application process in full
The General Representative will also require further details and will contact the applicant (Coverholder) directly. See broker requirements