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Open Market Correspondents (OMC)

For Lloyd's purposes an OMC is an insurance intermediary, that does not have the status of a Lloyd's approved Coverholder and that introduces business to Lloyd's, either directly or through a Lloyd's Broker for placement at Lloyd's on an open market basis.

Regulatory Information

View all 'Regulatory Information'

An intermediary, located in one of the territories listed below, who wishes to place any class of business with Lloyd's underwriters, on an open market basis, must be approved by Lloyd's as an open market correspondent. Note, that this requirement also applies to reinsurance intermediaries located in South Africa.

If an intermediary located in one of the territories listed below proposes to place business with Lloyd’s underwriters, but is not dealing directly with a Lloyd’s Broker, it is recommended that they contact the relevant Lloyd’s Representative’s office.

Intermediaries must be aware of all the regulations for placing insurance with Lloyd’s and must undertake to comply with all legal and fiscal obligations.

The table set out below details those territories where a requirement exists for a local Broker to be approved:

  • Canada
  • Italy
  • Switzerland
  • Namibia
  • US Virgin Islands
  • South Africa (1)
  • Israel
  • Spain (2)
  • Portugal (3)

The following territories are former OMC territories where registration with Lloyd’s local General Representative is a requirement for commercial purposes:

Belgium, Cyprus, France including Monaco, Germany, Greece, Ireland, Malta, Netherlands, Spain (2), Portugal (3).

1 - Applies to both Direct and Reinsurance business.
2 - Applies to intermediaries who are ''exclusive insurance agents'' for a Lloyd's Managing Agent.
3 - Applies only to intermediaries who are “insurance agents” for a Lloyd’s Managing Agent.

An approved Lloyd's Coverholder can place business with Lloyd's on an open market basis without completing the OMC approval process.

Access the coverholder directory.

For additional country specific information, please refer to Crystal

  • Download the relevant application form.
  • Sponsoring Managing Agent or Lloyd's Broker and applicant to complete the application form, sign and return to the relevant General Representative (contact details can be found under Lloyd's International Offices on the right hand side of this page in the 'See Also' section).
  • Where necessary a General Representative may require further details and will contact the applicant (OMC) and/or the Managing Agent or Lloyd's Broker directly.
  • Lloyd's General Representative will notify the sponsoring Managing Agent / Lloyd's Broker and OMC once an application has been successful.

Please note:

  • The sponsoring Managing Agent / Lloyd's Broker is responsible for notifying the General Representative of any changes to the OMC's details and status.
  • Managing Agents / Lloyd's Brokers should notify a General Representative if arranging business with an existing OMC by completing the Application form for additional sponsor of a Lloyd's OMC located above.
  • Completing this form ensures that Lloyd's central records remain current allowing Lloyd's to contact relevant Lloyd's Brokers when necessary.

Reinsurance intermediaries located in Canada, although not subject to the full OMC application process, are required to complete the "Canada - reinsurance broker undertaking" (see below). The form should be signed and returned to Lloyd's Canada.

Where an approved Lloyd's Coverholder domiciled in Canada is placing business with Lloyd's on an open market basis and in that respect is therefore required to act in the role of a Lloyd's Open Market Correspondent, the Coverholder is required to complete the "Canada - Coverholder as OMC undertaking" (see below). The form should be signed and returned to Lloyd's Canada.

No current questions.

Contacts

For enquiries relating to the Open Market Correspondent's directory please email:

Open Market
Correspondent's directory

For all other enquiries relating to OMC's please contact Lloyd's International Trading Advice:

Lloyd’s International
Trading Advice

Lloyd’s Desk, Ground Floor, Underwriting Room

+ 44 (0)20 7327 6677