Please be advised that TLC Insurance will not be offering new business or renewal terms after 31 January 2021 as a Lloyd’s Coverholder. All new business or renewals in respect of Mobile Plant and Commercial Motor Vehicle coverages incepting after the 31st of January 2021 will no longer be insured by “Certain Underwriters at Lloyd’s”. Existing policies that incepted prior to the 31st of January 2021, will continue to have “Certain Underwriters at Lloyd’s” as their insurer until the policy expires.
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.
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.
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's TLC Insurance Limited as Lloyd’s Coverholder under Agreement Number: B0334SC3342019219
Lloyd’s is a member of the Insurance Council of NZ and its New Zealand coverholders adhere to the Fair Insurance Code, which provides you with assurance that we have high standard of service to our customers.
Lloyd's Rating Information
Lloyd's is rated as a market not 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 businesses written by all syndicates post 1992.
The current Insurer financial strength ratings of Lloyd's Market are as follows:
|Standard & Poors||A+ (Strong) Stable Outlook||14 June 2019|
|A.M. Best||A (Excellent) Stable Outlook||30 June 2017|
|Fitch Ratings||AA- (Very Strong) Stable Outlook||18 Sept 2020|
The Standard & Poor’s Financial Strength Rating Scale:
AAA Extremely Strong / AA Very Strong / A Strong
BBB Good / BB Marginal / B Weak
CCC Very Weak / CC Extremely Weak / C Regulatory Action
SD Selective Default / D Default / NR Not rated
The A.M Best Financial Strength Rating Scale:
A+ (Superior) / A (Excellent)
B+ (Good) / B (Fair)
C+ (Marginal) / C (Weak)