Types of risks Lloyd's covers
Risk is insured at the Lloyd's market through Lloyd's brokers. US business comes to the market from retail brokers or from insurance wholesalers called Lloyd's coverholders.
US surplus lines risk placed at Lloyd's can only be underwritten by Lloyd's syndicates that are approved by the National Association of Insurance Commissioners and appear on the NAIC Quarterly Listing of Alien Insurers.
Lloyd's brokers place risks in the Lloyd's market on behalf of clients. These brokers use their specialist knowledge to negotiate competitive terms and conditions for clients, seeking coverage from underwriters in the Lloyd’s market.
There are over 200 accredited firms of brokers working at Lloyd's, many of whom specialize in particular risk classes. Each Lloyd's broker is required to demonstrate an understanding of the Lloyd's market as part of Lloyd's assessment of its suitability to be accredited.
How can a licensed US broker find a Lloyd’s broker?
Use our market directories to find an accredited Lloyd’s broker:
Non-Lloyd's brokers dealing directly with managing agents
If you are considering dealing directly with a managing agent you should first read part 3 of Guidance to managing agents on the acceptance of business from non-Lloyd's brokers.
You can verify the license details of US surplus lines brokers at the state databases of licensed intermediaries linked below. Surplus lines business must be exported via correctly licensed surplus lines brokers.
District of Columbia
Florida | Florida Surplus Lines Service Office
Georgia | Agent search | Agency search
Michigan | Agent search
New York | Broker search | Surplus lines broker list
West Virginia | Agent search | Agency search
Coverholders are firms worldwide that are authorized by Lloyd’s syndicates to enter into contracts of insurance and/or issue insurance documentation on their behalf. There are more than 1,000 coverholders in the US that brokers can contact directly to place business.
Open Market Correspondents are only active in Illinois, Kentucky, and the US Virgin Islands.
Lloyd’s requires that firms in certain overseas territories must be approved or registered by its attorney-in-fact or general representative before they can produce business to one or more sponsoring Lloyd’s brokers for placement on an open market basis. An OMC is a firm that has been approved to produce business to a Lloyd’s broker for placement on an open market basis.
Service companies are similar to coverholders. They are responsible for underwriting a significant amount of Lloyd’s business. In many cases, this is achieved by a Lloyd's managing agent establishing remote offices which underwrite for Lloyd’s syndicates by means of binding authorities. Service companies are then operating as wholly-owned coverholders in the US. This means that in addition to underwriting, they are frequently issuing documentation, dealing directly with intermediaries, handling insurance monies, handling and settling claims, and operating their own IT systems.