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Lloyds Overview

Lloyd’s is a face-to-face market, with all the dynamism and innovation that a market generates. Like any market, it enables those with something to sell – underwriters providing insurance coverage – to make contact with those who want to buy – brokers, working on behalf of their clients who are seeking insurance.

Together, the syndicates underwriting at Lloyd’s form one of the world’s largest commercial insurers, and a leading reinsurer.

However, more important than sheer size is the breadth and depth of specialist broking and underwriting expertise, brought together under one roof at Lloyd’s. That’s why they are often the first to insure new, unusual and complex risks.

Lloyd’s accepts business from over 200 countries and territories worldwide. Their 80 licences, supported by a network of local offices, ensures access to insurance markets large and small.


Lloyd’s is not an insurance company, it is a partially mutualised market where members of Lloyd’s join together as syndicates to insure risks.

Much of Lloyd’s business is written on a subscription basis, with more than one syndicate taking a share of the same risk.

Lloyd's Rating Information

Lloyd's is rated as a market, rather than a business.

All Lloyd's syndicates benefit from Lloyd's central resources, including the Lloyd's brand, its network of global licences and the Central Fund. The Central Fund is available at the discretion of the Council of Lloyd's to meet any valid claim that cannot be met by the resources of any member. As all Lloyd's policies are ultimately backed by this common security, a single market rating can be applied.

Hence the Lloyd's market rating applies to all business written by all syndicates post 1992.

The current Insurer Financial Strength Ratings of the Lloyd's market are as follows:

Standard & PoorsA+ (Strong) 
Stable Outlook  
14 June 2019
A.M. BestA (Excellent) 
Stable Outlook  
30 June 2017
Fitch RatingsAA- (Very Strong) 
Stable Outlook  
18 Sept 2020

The Standard & Poor's rating scale is: AAA Extremely Strong, AA Very Strong, A Strong, BBB Good, BB Marginal, B Weak, CCC Very Weak, CC Extremely Weak, R Regulatory Action.
(Ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.) 

What is a Lloyd's Coverholder?

Coverholders are an important source of business for Lloyd’s with their numbers increasing steadily in recent years. There are now about 2,500 Lloyd’s coverholders producing 30% of Lloyd’s premium income each year. The balance of Lloyd’s business is distributed around the world through a network of brokers.

Coverholders allow Lloyd’s syndicates to operate in a region or country as if they were a local insurer. This is achieved by Lloyd’s syndicates delegating their underwriting authority to coverholders.

In 2011 TLC went through a very extensive process ensuring that our systems and people comply with the extremely high standards insisted upon by Lloyd’s. At the end of this process, we were granted authority to underwrite on behalf of a Lloyd’s syndicate. TLC as the coverholder issues the required insurance documentation and handles claims in accordance with the terms of the delegated authority as set out within an agreement known as a binding authority.

The Lloyd’s binding authority agreement with TLC is clearly stated on all documentation under the section describing the insurer as follows:

INSURER: Certain Underwriters at Lloyd'sTLC Insurance Limited as Lloyd’s Coverholder under Agreement Number: B0334SC3342019219

Benefits to TLC as a Lloyd’s Coverholder

Coverholders benefit from a partnership with Lloyd’s syndicates by gaining access to Lloyd’s excellent brand, security and ratings, as well as access to experienced underwriters and brokers. TLC is therefore able to offer a range of specialised covers for the contractors industry in New Zealand which are supported by the strength of Lloyd's. TLC also handle the claims directly.

Phone: 0800 852 467 (0800 TLC INSURANCE)
Fax: 0800 852 329

Physical Address: TLC House, 1 Forrester Drive, 
Welcome Bay, Tauranga

Postal Address: PO Box 7006, Tauranga 3148