12 December 2017 - REG, the online due diligence and regulatory compliance platform, has been selected by Lloyd’s, the world’s specialist insurance and reinsurance market, to assist in recording data and to help reduce the administrative burden on UK coverholders.
Lloyd’s is utilising the REG platform to capture and maintain up-to-date public market data, initially on all its UK based coverholders, and to feed this information directly onto Atlas, the Lloyd’s repository for coverholder data.
Michael Phair, Chief Executive Officer of REG, said:
“We are delighted to be able to assist Lloyd’s. The REG platform will allow coverholders to focus on adding value to their clients and growing their business by removing the burden of manual inputs of key corporate and compliance data.”
Paul Brady, Lloyd’s Head of Policyholders and Third-Party Oversight, said:
“The REG platform enables us to utilise a proven and award-winning InsurTech solution that benefits our coverholders by reducing the amount of data they are required to keep up to date.”
REG will continue to develop its platform services to support Lloyd's coverholder management activities with plans including the launch of an international coverholder capability in early 2018 and expanding the range of data points that REG updates on Atlas.
For more information, contact:
Michael Phair, Chief Executive Officer, REG (UK) Ltd
Tel: +44 203 946 2881
Full Circle Corporate Communications
Mark Huxley, email@example.com
Alex Wise, firstname.lastname@example.org
Tel: + 44 (0)207 267 7887
Note to Editors:
A “coverholder” is the most common method of delegated underwriting. This refers to an arrangement under which a managing agent of a syndicate at Lloyd’s delegates its authority to a company or partnership to enter into contracts of insurance on behalf of the syndicate. For more information visit Lloyd's website.
REG (UK) Ltd is an on-line due diligence and regulatory compliance platform for Counter-party Risk Management in the UK Insurance industry. It is the only real-time solution in the UK market that combines 24/7 alerts for financial, corporate, sanctions and regulatory changes in a broker/coverholder’s information with electronic exchange of Terms of Business Agreements (TOBAs).
REG is an essential tool for accelerating business flows and mitigating regulatory and financial risk. Given the ever-increasing burden of regulation, REG is becoming a "must have” solution for transforming inefficient and costly manual and paper based processes. Over 30% of Lloyd’s Managing Agents are Registered Members, as well as over 50% of Lloyd’s Brokers and coverholders. For more information visit REG UK's website.
Lloyd’s is the world’s specialist insurance and reinsurance market. With expertise earned over centuries, Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers in more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress. Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network of over 4000 insurance professionals to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.