Lloyd’s approves first coverholder in Mexico

Lloyd’s of London has approved reinsurance broker Reasinter as its first coverholder in Mexico.

“Coverholders are companies or partnerships 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 with the terms of a binding authority,” Gabriel Anguiano, head of Lloyd’s Mexico desk and Spanish Latin America wrote in a recent blog post.

“Coverholders are important for Lloyd’s strategy for emerging and developing markets, and also in mature markets where we continue to celebrate our coverholders. As Reasinter demonstrates, coverholders provide a means for Lloyd’s to access business which would not otherwise come to London.”

British firm RKH, the sponsoring broker, will support the coverholder with their capacity, according to the blog.

“The new coverholder will specialise in liability reinsurance business, with plans to compete on service and fast turnaround,” Anguiano wrote in the blog. “Underwriting from Mexico City, the coverholder is well positioned to access small facultative accounts originating from Latin America including in Mexico, Guatemala, El Salvador, Honduras and Panama.”