The ownership section for the Coverholder shows both company and individual owners and what their shareholdings are. These details can be edited to add new information or the ownership can be ceased and details of the new owners added.

On the ownership form you should enter both companies and individuals owning a shareholding in the Coverholder. ATLAS shows both company and individual owners and what their shareholdings are.

When submitting a change of ownership on ATLAS please provide confirmation from the Coverholder that there will be no material changes to the entity as a result of the change in ownership. If there will be material changes to the entity, such as changes to the legal name, key staff, location or systems we will ask you to contact the Lloyd's Delegated Authority team before submitting a change of ownership on ATLAS.

After clicking change ownership you will be asked if you want to make changes to certain other sections on the Coverholder’s ATLAS details. Answering yes to any of these questions will add forms to the change request.

Ownership must be kept up to date on ATLAS as and when changes occur as agreed in the Coverholder Undertaking.

Company Ownership

Please complete the details for any company which owns a shareholding in the Coverholder. The ‘Company trading name’ is the trading name of the owning company and the ‘Registered name’ is the legal name of the owning company, these may be the same. Please note that a Coverholder does not own the Coverholder.

To cease a company owner enter a cease date. The cease date should be the last day of the company’s ownership. The shareholding should remain unchanged in order to build a historical record.

Individual Ownership

Please complete the details for any individuals who own a shareholding in the Coverholder which is greater than 10%. It may be necessary to add individual owners who own less than 10% where the answer to the drop down at the bottom of the page is ‘less than 10’

To cease an individual owner enter a cease date. The cease date should be the last day of the individual's ownership. The shareholding should remain unchanged in order to build a historical record.

To add a new company or individual owner select add.

100% Ownership - There will be occasions where the total shareholding does not equal 100%. This will be due to the requirement for initially only providing details of individuals who have at least 10% shareholding. Where total shareholding does not equal 100% please answer the drop down at the bottom of the form. If 'less than 10' is selected the additional shareholders' details will need to be added. Where total shareholding still does not equal 100% please provide a supporting comment explaining how the remaining shares are held.

Structure Chart - It is not mandatory but it may be useful to attach a company structure chart to give Lloyd's and Managing Agents an overview of where the Coverholder sits within the group, where it is owned by another company.

Documents can be attached to support the information required on this page.

This section can be updated by the Coverholder, Lloyd's registered Broker or direct-dealing Managing Agent.

The task is a one or two stage change task dependant on who initiates the task on ATLAS. This means that a stakeholder, in this case Lloyd’s is required to authorise the change and the information on the ATLAS database once the Coverholder, Lloyd's registered Broker or direct-dealing Managing Agent has created and submitted the task. The information will be immediately viewable under the details tab once approved.

Lloyd’s service standard: 10 Working Days

  • Change of legal name and ownership - Same entity:

    Where a Coverholder changes both legal name and ownership we need to know how the new entity going forward compares to the entity that has been approved. We usually require a new application but can deal with this as a change of legal name provided that we receive the following information:

    1. Change of name certificate.
    2. If the Coverholder has multiple branches approved that the changes apply to all offices. If not please provide details.
    3. Details of new ownership.
    4. Details of any material changes to the entity as a result of the change of ownership, such as location, key staff and system. We also expect updated copies of the Coverholder's PI and licenses in the new legal name to be uploaded as soon as available.

    If there are no issues with the information supplied we can process this as a company information and ownership update and retain the same PIN.

  • Change of legal name and ownership - Different entity:

    Sometimes we receive a change of legal name and ownership where the approved Coverholder has merged with another entity; four main scenarios are listed below.

    1. The Coverholder merges with another approved Coverholder and becomes a branch of the other approved Coverholder.

    2. The Coverholder merges with another approved Coverholder and changes its name to a new entity.

    3. The Coverholder merges with, is bought by or has its book of business bought by an entity that is not an approved Coverholder.

    4. Divisions and Subsidiaries.

    1. If the Coverholder changes its name to that of another approved Coverholder we require:

    1.  Confirmation of the new legal name.
    2.  If the Coverholder has multiple branches approved that the changes apply to all offices. If not please provide details.
    3.  An e-mail from the lead Managing Agent to say that they are aware of the change, have done their due diligence and are happy to support the new entity.
    4.  Once the new legal name has been approved we ask the Broker or Coverholder to update the Coverholder’s Atlas record with any material changes including PI, licences and financials. Please also let us know if you would like the Coverholder added to a group to enable bulk changing of PI, financials and licences.

    If there are no issues with the information supplied we can process this as a company information update and retain the same PIN.

    2. If the legal name is different to both approved entities, for example a newly created company, we require:

    1. Confirmation that the current approved entity has ceased trading.
    2. Confirmation of the new legal name.
    3. If the Coverholder has multiple branches approved that the changes apply to all offices. If not please provide details.
    4. Details of the new ownership.
    5. PI.
    6. Financials.
    7. Licenses.
    8. Details of any materials change locations, key staff, system.
    9. An e-mail from the lead Managing Agent to say that they are aware of the change, have done their due diligence and they are happy to support the new entity.
    10. A signed Coverholder undertaking for that entity.

    If there are no issues with the information supplied we can process this as a company information update and retain the same PIN.

    3. If the Coverholder has merged with a company that is not an approved Coverholder we require the following information:

    1. Whether the current approved entity will continue or cease to trade.
    2. Confirmation of the new legal name.
    3. Confirmation that no associated branches will be incorrectly affect by the change.
    4. Details of the new ownership.
    5. PI.
    6. Financials.
    7. Licences.
    8. Signed Coverholder undertaking.
    9. Details of any material changes to location, key staff, systems.
    10. An e-mail from the lead Managing Agent to say that they are aware of the change, have done their due diligence and they are happy to support the new entity.

    If there are no issues with the information supplied we can process this as a company information update and retain the same PIN.

    4. Divisions and Subsidiaries:

    Sometimes a company decides that the division of the entity that is approved to do Coverholder business should become a stand-alone entity in its own right. Sometimes it is a stand-alone entity and the parent wants to make it a division of itself rather than a subsidiary.  As approval is switching from one entity to another we require:

    1. Confirmation that the current approved entity will no longer hold Lloyd's binders.
    2. Confirmation of the new legal name.
    3. If the Coverholder has multiple branches approved that the changes apply to all offices. If not please provide details.
    4. Details of the new ownership.
    5. PI.
    6. Financials.
    7. Licenses.
    8. Signed Coverholder undertaking.
    9. Details of any material changes to location, key staff, systems.
    10. An e-mail from the lead Managing Agent to say that they are aware of the change, have done their due diligence and are happy to support the new entity.

    Please note that we do not transfer Coverholder approval for group companies from one entity to another. Each entity must go through the proper approval process. If at any point we feel a new application is required for any of the above scenarios we will request it.

  • FAQs

    Q: When I am entering the new ownership details for an individual am I required to enter their nationality and date of birth?

    A: Please note that nationality and date of birth are not mandatory but any information you can provide here will help Lloyd's process the request.