We’re pleased to announce that we are now a Coverholder at Lloyd’s.
Becoming a Coverholder at Lloyd’s is an important development for Siaci underwriting NV. Being a Coverholder at Lloyd’s increases our ability to develop insurance products for our clients by making sure we work with underwriters who are best placed to support the needs of our clients’ customers. Our clients and their customers will also benefit from the security of having their insurance underwritten at Lloyd’s.
Please visit our partner websites for more information.
What is a Lloyd’s Coverholder?
This is an organisation authorised by a Lloyd’s syndicate (Managing Agent) to underwrite contracts of insurance on behalf of the members of a syndicate in accordance with the terms of the Binding Authority Agreement. This includes the underwriting rates, policy wordings, exclusions and endorsements.
What is a Binding Authority?
This is an agreement between a Lloyd’s syndicate (Managing Agent) or London Market insurer (non-Lloyd’s) under which the managing agent or insurer delegates its authority to an organisation for contracts of insurance to be underwritten. The Binding Authority Agreement is a detailed document, which also outlines the roles and responsibility of the organisation to whom the delegated authority is given to.
To be a Coverholder at Lloyd’s, the organisation must have a supporting Lloyd’s Broker such as our partners, Arthur J Gallagher, or Marsh, be sponsored by a Lloyd’s syndicate (Managing Agent) and then go through an application process to be approved by the Lloyd’s committee.
Our Lloyd’s Coverholder and Binding Authority business is based on transparency and trust, by writing business on behalf of Lloyd’s syndicates.
Lloyd’s of London
Lloyd’s is the world’s specialist insurance and reinsurance market, bringing together an outstanding concentration of underwriting expertise and talent. It is often the first to insure emerging, unusual and complex risks. Around 80 syndicates are underwriting insurance at Lloyd’s, covering all classes of business. Together they interact with thousands of brokers daily to create insurance solutions for businesses in over 200 countries and territories around the world. Lloyd’s insures the majority of FTSE 100 and Dow Jones industrial average companies. Lloyd’s enjoys strong financial security supported by excellent ratings. Visit www.lloyds.com for more information.
The European risk landscape is changing, and Lloyd’s Europe meets a growing demand for specialist insurance products.
It provides our partners within the European Economic Area with access to expert underwriters licensed to provide tailored insurance and reinsurance solutions for a variety of non-life risks including Liability, Property, MAT, Cyber and Political and Credit insurance.
Lloyd’s Europe benefits from the market’s financial strength through the Central Fund and has the same financial ratings as Lloyd’s, AM Best (A “excellent”), Standard & Poor’s (A+ “strong”) and Fitch (AA- “very strong”). The company is authorised and regulated by the National Bank of Belgium and capitalised under Solvency II rules.
As our world is reshaped by economic, environmental, geopolitical and technological shifts, the breadth, depth and responsiveness of the Lloyd’s market gives Lloyd’s Europe customers the confidence to move forward.
Visit www.lloydseurope.com for more information.
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