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A “Coverholder”, according to Lloyds, means a company or partnership, authorised by a Managing Agent, to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate managed by it in accordance to the terms of a binding authority.
A Lloyd’s coverholder, is a company or partnership authorised to enter into a contract of insurance on behalf of a Lloyd’s syndicate in accordance with the terms of a binding authority. (Lloyds, 2022)
A key responsibility of a coverholder, is to take on risks on the behalf of their syndicate markets and report to their capacity providers at Lloyd’s.
To manage a profitable portfolio, maintain a good loss ratio, grow premium income and reduce claims incurred while providing bordereaux reports in Lloyds standard format.