These licences offer an extensive access to the biggest insurance and reinsurance markets in the world. See Crystal for more information.

Insurance intermediaries: Generally, Lloyd's Underwriters do not negotiate directly with the assureds and/or policyholders, but accept business through the following intermediaries:

Brokers: insurance business is ordinarily placed at Lloyd’s by brokers, usually registered Lloyd’s Brokers. (But every broker trading directly with a Lloyd’s Managing Agent, has to comply with the same minimum criteria in order to ensure that the business is placed in due form).

Coverholders:
Lloyd's Underwriters are entitled to delegate their authority for insurance contract conclusions to an intermediary specified as “Coverholder”.  In this case it is imperative that the Coverholder acts as agent of the Lloyd’s Underwriters (and not as agent of the assured and/or policyholder)

Payment to intermediaries: Intermediaries receive their payments in very different ways, and the payment of intermediary commissions/ brokerage may also be included therein. Lloyd's particularly advocates the disclosure and transparency in connection with these commission/brokerage agreements. Assureds and/or policyholders may request information from the intermediaries transacting business with them as to how and from which source the intermediaries receive their payment.

Lloyd's also has a risk management procedure with regard to the relationship between Lloyd's Managing Agents and any associated companies acting as intermediaries, thus ensuring that the Managing Agent properly discloses such circumstances. Assureds and/or policyholders can request from intermediaries transacting business with them that they disclose as to whether or not the company is associated with a Lloyd's Managing Agent.

Useful links:    

How to place risks at Lloyd’s

Find a coverholder Germany

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