Delegated Underwriting refers to an arrangement under which a Managing Agent of a syndicate delegates its authority to a company or partnership to enter into contracts of insurance on behalf of the syndicate.
For Europe, Delegated Underwriting refers to an arrangement under which a Managing Agent acting as Service Provider of Lloyd’s Insurance Company (Lloyd’s Europe) delegates its authority to a company or partnership to enter into contracts of insurance on behalf of Lloyd’s Europe.
“Coverholder” means a company or partnership which is given authority to write risks and enter into contracts of insurance on behalf of Lloyd’s Europe in accordance with the terms of a Coverholder Appointment Agreement (CAA).
A Coverholder Appointment Agreement or CAA is the contract that frames the responsibilities, entitlements and obligations of the parties; it is the document that the parties use to make sure all contracting parties are clear about their roles and responsibilities.
Lloyd’s Europe developed the CAA LBS001C for use by Managing Agents (service providers) and is available on the Lloyd’s Wording Repository. LBS001C is translated into Spanish for informative purposes.
In Spain, an underwriting agency (“agencia de suscripción”) is an Spanish company that accepts and underwrites risks on behalf of one or several insurers. Other tasks may also be performed by underwriting agencies such as signing contracts of insurance, collecting premiums and handling claims.
In this section you can find information on becoming a Coverholder and post-approval changes, systems and tools and useful market directories.
Find out how to become a Coverholder or what to do if there is a change with the Coverholder or the Coverholder authority.
An overview of key systems used to manage Coverholder information, binding authorities and Coverholder appointment agreements, including ATLAS, DCOM, Crystal and the LWR.
Find a Spanish Coverholder, Spanish Lloyd’s broker or a Managing Agent.
In this section you can find information on brand guidelines, complaints, training, annual compliance, audit, claims and reporting standards.
The Lloyd’s brand is our most powerful asset. Using it correctly helps to ensure it remains recognisable, consistent across the world and retains its value. Our brand guidelines are designed to help you to understand how to bring the Lloyd’s brand life in your communications and help coverholders to use the correct branding and legal terminology when creating policy documents and marketing materials for products written on behalf of Lloyd’s Europe.
Please contact marketing@lloyds.com for more information.
Find out what our procedure is for handling complaints & how to make a complaint as a Lloyd's Europe policyholder.
Lloyd’s provides training for Coverholders, created specifically for the Market. The trainings are not mandatory but they are helpful tools. Lloyd’s uses the Lloyd’s Workday Learning platform.
Everything you need to know on Coverholder audits and auditors: scheduling, process, scope, frequency, reports and auditors.
Lloyd’s Europe offers the best experience for customers, with a claims service that has their interests at heart. Lloyd’s Europe benefits from the expertise, security and oversight of the Lloyd’s market so policyholders can be confident that valid claims will always be paid.
Coverholders are given authority to write risks on behalf of Lloyd’s Europe via their Coverholder Appointment Agreements (CAAs). Part of the contractual agreement is that the coverholder regularly reports risk, premium and claims information to Lloyd’s Europe.
The Lloyd's Coverholder Reporting Standards provide details of the regulatory, tax, premium and claims information which applies to all Coverholders. By using the Lloyd's standards, all coverholders can be assured that they are meeting all Lloyd's tax and regulatory requirements.
Because they are 100% reinsured back to Lloyd’s Syndicates, Lloyd’s Europe policies benefit from the same excellent financial ratings as Lloyd’s and are ultimately backed by Lloyd’s unique capital structure, often referred to as the Chain of Security. In addition, Lloyd’s Europe holds its own Solvency II capital for further protection.
Conduct risk has become an increasingly important topic in the insurance industry and is of particular importance where authority is delegated to a third party. Lloyd’s Europe expects its staff and third parties to manage conduct risk appropriately and in a manner that is consistent with Lloyd’s Europe Integrity Policy and applicable legislation, regulations and regulatory expectations.
Lloyd’s monitors insurance legislation worldwide so that Lloyd’s market participants are fully informed of the regulatory requirements that need to be considered when placing business.
Conduct risk has become an increasingly important topic in the insurance industry recently and is of particular importance where authority is delegated to a third party.
Read the Frequently Asked Questions for Managing Agents, Brokers and Coverholders (prospective and approved). If you are unable to find your query on the below link or if you have any questions, please contact Lloyd’s Europe Delegated Authorities.
Find articles about global events and trends impacting Lloyd's Europe, the Lloyd's Corporation and the wider world of risk.
Full contact details for Lloyd’s Europe, Delegated Authority team, Media enquiries and the whistleblowing Helpline.
José Núñez
Lloyd’s Insurance Company SA
Sucursal en España
Pº de la Castellana
8ª planta, 216
Madrid 28046
España
Lloyd's Wording Repository
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LloydsEurope.DelegatedAuthority@lloyds.com
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+34 663 032 143
Jose.Nunez@lloyds.com