Iris Insurance Brokers Ltd (Iris) has produced this useful guide to becoming a Lloyd’s Coverholder. Iris is a London based specialty program broker working with new and potential Coverholders to develop and place business with Lloyd’s syndicates. Using their experience gained managing 89 Lloyd’s Coverholders they explain the process and key ingredients for success.
A Lloyd’s Coverholder is usually an insurance broker or underwriting agent that has been delegated underwriting authority by an individual or group of Lloyd’s syndicates (the “Risk Takers”). They act in all regards as the insurer: underwriting risks within their authority; collecting premiums and issuing policies; and managing and settling claims.
The authority usually covers specific classes of risk and/or is limited to a specific target audience (e.g. industry sector) where the broker or agent already has a number of clients or where they have spotted an opportunity to differentiate and win business.
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