Throughout the application process your sponsoring broker and managing agent will work with you to complete the application on Atlas. The above will all be required as part of the application that is submitted to Lloyd’s for approval.
Considerations before applying
First steps1. Find a Lloyd’s broker to help support your application
You can do this by using the Lloyd's Broker Directory
2. Find a Lloyd’s Managing agent to sponsor your application
You can do this by using the using the Managing Agent directory
3. Register for Atlas
The broker (or the Managing Agent if dealing directly) will set up your application on Atlas. Once this is done the applying entity will be given a unique Atlas pin.
You will then need to register for access to Atlas
Atlas is the online market system for the process of managing Coverholders.
Please click here for further information.
What you will need
Lloyd’s will carry out an extensive review of your application. The following is not an exhaustive list of requirements but the key components and documents that we recommend you consider gathering in advance of your application.
As well as a licence from your local regulator please also check Crystal to determine whether your business can be written on Lloyd’s licences. You may also wish to use Crystal to check if there are any territory specific restrictions on the type of business that can be written, or the distribution methods. Some territories require specific criteria to be met before any Lloyd’s business can be written.
Access Crystal here
2. Professional Indemnity
A policy which is in date and covers you for binding authority activities such as ‘Managing General Agent activities’.
Your most current profit and loss statements and balance sheet, or a balance sheet and a 3-year profit and loss forecast for start-up’s.
An end to end quote and bind system which can do the following:
- Record premiums and claims for individual insurance policies;
- Produce standardised insurance documents complying with Lloyd’s and local regulatory requirements;
- Produce bordereaux that satisfy managing agents’ and Lloyd’s V5.2 requirements and regulatory obligations (e.g. tax);
- Maintain accurate credit control systems;
- Record and monitor premiums against aggregate limits and maintain controls to prevent them being breached;
- Monitor and report on compliance to policy document issuance service standards.
5. Business Plan
A formal business plan on headed paper which covers in sufficient detail the following:
- Company profile;
- Where your business comes from;
- The rationale for choosing Lloyd's;
- Your target and past/historical profitability, explaining how the target profitability ratios will be achieved;
- Any reasons for previous insurer declining to renew;
- Territories and distribution channels;
- Details of other contracts of delegation you manage;
- An analysis of the market (including opportunities for, and threats to, successful underwriting and key competitors);
- Basis for choosing risks and setting prices;
The Application Process
Information on how the coverholder application process functions and what to expect on the journey towards approval.
Post approval essentials and ongoing oversight
Click here for all the necessary information regarding processes, coverholder permissions and ongoing maintenance after approval.