Editing Lloyd's of London (section)

====Lloyd's coverholder====
Coverholders are a major source of business for Lloyd's. Their numbers have grown steadily in recent years and in 2021 there were 4,054,<ref name=AnnualReport2021/> producing an increasingly meaningful share of the market's overall premium income. The balance of Lloyd's business is distributed around the world through a network of brokers.

Coverholders allow Lloyd's syndicates to operate in a region or country as if they were a local insurer. This is achieved by Lloyd's syndicates delegating their underwriting authority to coverholders. A coverholder can have restricted or full authority to underwrite specified business on behalf of a Lloyd's syndicate. It will usually issue the insurance documentation and will often also handle claims. The document setting out the terms of the coverholder's delegated authority is known as a binding authority.<ref>{{cite web |url=http://www.lloyds.com/The-Market/I-am-a/Coverholder/Prospective-Coverholder/Tell-me-more-about-coverholders |title=Tell me more about coverholders – Coverholder – Lloyd's |publisher=Lloyds.com |access-date=22 March 2012 |archive-url=https://web.archive.org/web/20120310190019/http://www.lloyds.com/The-Market/I-am-a/Coverholder/Prospective-Coverholder/Tell-me-more-about-coverholders |archive-date=10 March 2012 |url-status=dead  }}</ref>