Mandate of Lloyd's Lead Security - Delegated Authority Agreement Endorsements

The LMA has published the following new endorsement wordings to support the mandate of Lloyd's lead security requirements:

LMA3184, for use with all Binding Authority Agreements LMA3113A, LMA3114, LMA3115 (or multi-year/continuous or twin versions); and
LMA3185, for use with Service Company Underwriting Agreement LMA3134 (or multi-year/continuous or twin versions)

The endorsements are now available on the Lloyd’s Wordings Repository (LWR).

All delegated authority agreements incepting or renewing on or after 1 July 2025 must require that details of the Lloyd's lead are specified in the policy documentation provided to the (re)insured.

Further information may be found in Lloyd’s Market Bulletin Y5438, published on 27 June 2024, and the associated Mandate of Security FAQs.

Whilst Lloyd’s has widely communicated the mandate requirements, including to coverholders on the Lloyd’s Market Bulletin distribution list and to various associations representing the coverholder/MGA and broking communities, we would remind managing agents of the importance of ensuring their coverholders are aware and able to implement these requirements.

The LMA is working through a list of further documents, housed on the LWR (including but not limited to policy jackets/schedules and the like) to address the possible changes required. Further communication(s) will be issued in due course.

Diane Gillett
Senior Executive, Delegated Authorities
diane.gillett@lmalloyds.com