Lloyd’s approves first coverholder in Mexico

Lloyd’s has approved its first coverholder in Mexico specialising in reinsurance.

Underwriting from Mexico City, Reasinter will specialise in liability reinsurance business, with plans to compete on service and fast turnaround. Anguiano said the coverholder is well positioned to access small facultative accounts originating from Latin America.

This is according to Gabriel Anguiano, head of Lloyd’s Mexico and Spanish Latin America, who said that: “Latin American liability insurers are now able to efficiently access Lloyd’s through the first coverholder in Mexico which specialises in reinsurance.”

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

RKH is the sponsoring broker and Brit supports the coverholder with capacity.

“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,” said Anguiano.

“This onshore service is a good step towards making it easier for local insurers to do business with Lloyd's. The coverholder enables Lloyd’s to localise its service and tap into business we currently miss out on. Congratulations to all, and in particular to RK Harrison for having the vision and for putting in the work to make it happen.”