Coverholder oversight process: from onboarding to renewal or exit
This is the coverholder oversight process at a Lloyd's managing agent, laid out as one line. It runs from due diligence to the renewal decision, and it treats exit as a planned step. Each step shows what goes in, what comes out, who owns it, what can go wrong and the control that covers it. It is written for the delegated authority team and the class underwriters who run the process, and for the risk team that checks it. Lay your own process over it and you will see which steps have no control. You get the process map, a one-page PDF and a template to adapt.
- For Delegated authority, Underwriting, Risk and compliance
- Format Web page, PDF and XLSX template · 7 steps
- Sources checked 15 Oct 2026
- New
What is inside
- Why the process matters now: what Lloyd's, the PRA and the FCA have said in 2026
- The process on one line: seven steps and two decisions
- Each step in detail: inputs, outputs, owner role, risks and controls
- Exit as a planned step, not an afterthought
- A 30-minute gap check to run with your team
- The template (XLSX) and a one-page PDF of the map
A sample
Step 3. Receive and validate bordereaux
What happens: risk, premium and claims bordereaux are loaded, mapped and checked against the binding authority and your data standards.
Goes in: monthly risk and premium bordereaux, claims bordereaux. Comes out: validated bordereaux and an exception report.
Owner: delegated authority team (bordereaux analyst or DA manager).
What can go wrong: the coverholder binds outside its authority; bordereaux data is poor enough to distort reserving.
Controls: bordereaux checked against authority limits; data quality rules on every load.
Sources
Lloyd's Market Oversight Plan 2026 (undated; PDF metadata shows 16 December 2025). PRA, Insurance supervision: 2026 priorities, 15 January 2026. FCA, Regulatory Priorities: Insurance, February 2026. Checked 15 October 2026.
See it worked through at Halden, our fictitious Lloyd's managing agent