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Specialty and London market

One slip, many markets. Walls where the market needs them.

A lead and its following markets agree one risk without seeing each other's lines. Coverholders bind under your binder and report back in bordereaux. Every external model you licence is validated again each year. HONESTAS keeps all of it in sealed records, at Lloyd's and in the company market.

Book a demo Follow one binder renewal
Lead and following markets on one slipBinders, bordereaux and coverholdersExternal models validated every year
honestas · placing room · three-firm-placingSample data
A placing room in HONESTAS where a lead and two following markets agree one risk behind walls, each seeing its own line and the total
Three firms, one placement. Northgate leads on 35%. Vantor Re and Kestrel Specialty each see their own line and the total, never each other's.Sample data
Where it helps

Six decisions the London market makes every day.

Each one leaves a sealed record that the lead, the capacity provider and Lloyd's can read in the same order. Open one to see what goes in, what comes out and who signs.

Placing with lead and following markets

The lead sets terms in a placing room. Following markets join on their own lines. Walls keep each firm's share, price and messages to itself.

Goes in
The submission, the slip, the wording and each firm's line
Comes out
A signed slip with every line, sealed with the wording
Signs
Each market's underwriter, on their own line
Binders and coverholders

Each binding authority agreement is loaded as rules: classes, limits, territories and the wording. Each bound risk is checked against them, and an instruction to a coverholder is in force only once they confirm it.

Goes in
The binding authority agreement and the coverholder's bound risks
Comes out
Each risk checked against the authority, with exceptions referred
Signs
Delegated authority manager
Bordereaux

Risk, premium and claims bordereaux are read on arrival, matched to the binder and checked against the Lloyd's coverholder reporting standards.

Goes in
Bordereaux in the coverholder's own format
Comes out
Matched rows, breaches and missing fields, each with its reason
Signs
Delegated authority team
Delegated claims

Claims settled by a coverholder or a delegated claims administrator come back as records, each with the authority it was settled under.

Goes in
Claims bordereaux, the claims agreement and the files
Comes out
Claims checked against the delegated limits, and outliers to review
Signs
Claims manager at the managing agent
Renewing a binder

A decision room argues whether the coverholder's book is good enough to renew, and on what terms. A challenger seat attacks the numbers.

Goes in
Past bordereaux, loss history and model runs
Comes out
A ruling to renew, change or hold, pinned to the versions it used
Signs
Active underwriter, as chair
External model validation

Each catastrophe or vendor model you rely on is validated again every year. Runs are seeded and pinned to their versions, so the validation report is built from records, not from inboxes and spreadsheets.

Goes in
Model versions, run settings, your exposure and the results
Comes out
A validation pack for the board and for Lloyd's
Signs
Head of exposure management, then the validation owner
Placing

Competing markets. One slip.

The lead and the following markets work in one placing room. Walls keep each firm to its own line.

  • Each firm sees its own line and the total, never a competitor's share or price
  • Every message is checked against the wall before it is sent, and sent in a different version to each firm where it must be
  • The slip, the wording and each firm's signed line are sealed together

See rooms with walls →

Northgate MutualLead · 35%Vantor ReFollows · own line onlyKestrel SpecialtyFollows · own line onlyThe slipOne wording, one seal
One binder, step by step

A coastal binder, renewed on the record.

Northgate Mutual's specialty desk and its coverholder, Harbourline Underwriting, both fictional. Six steps from a bordereau to a sealed ruling. Scroll, and the screen follows the step.

  1. 01 · Bordereau

    The coverholder's August list arrives.

    Harbourline Underwriting binds coastal property for Northgate under binding authority CA-118. Its risk bordereau is read on arrival and matched to the binder row by row. Every risk is inside. The book is leaning coastal.

    Tom Bell, storm analyst, reads the check.

  2. 02 · Instruction

    Narrowing the authority, on the record.

    Northgate tells Harbourline to stop binding coastal property above £5m. The instruction is kept with who sent it and when, and it is not in force until Harbourline confirms it.

    Maria Okonjo sends it. Harbourline confirms.

    honestas · conversations · writing to another firmSample data
    A conversation between Northgate Mutual and its coverholder Harbourline Underwriting under written agreement CA-118, with an instruction to stop binding coastal property above £5m waiting to be confirmed
    An instruction to a coverholder. Stop binding coastal property above £5m. It is not in force until Harbourline confirms it.Sample data
  3. 03 · Model run

    The storm model, run again.

    The vendor storm model is re-run on the coastal book, seeded and pinned to its version. It is the same model the managing agent validates each year, so this run becomes part of next year's validation.

    Tom Bell runs it. The head of exposure owns the validation.

  4. 04 · Decision room

    Is the storm list good enough to renew?

    Tom argues it is not. Maria would agree at £7.5m once the list is worked out again. The coverholder has a seat on the file but not in this room, because the room decides its own renewal.

    Gita Shah, active underwriter, chairs.

    honestas · decision rooms · coastal-binder-q3Sample data
    A decision room on the coastal binder: Tom Bell disagrees, Maria Okonjo agrees with conditions, Gita Shah in the chair, and the coverholder's seat kept out
    The room, side by side. Openings written blind, then rebuttals, then the chair rules. The coverholder's seat is kept out of its own renewal.Sample data
  5. 05 · Ruling

    Hold the renewal, for 90 days at most.

    Gita rules to hold the 2027 renewal. The ruling is pinned to the exact wording, rate book, guideline, binder and room terms it used. When one of them changes later, the record says so and does not change.

    Gita Shah signs with her passkey.

    honestas · versions · pinned to its versionsSample data
    The ruling to hold the 2027 coastal binder renewal, pinned to the wording, rate book, guideline, binder and room terms it used
    A ruling pinned to its versions. Hold the 2027 renewal. Six things pinned at the seal. Two have been replaced since, and the record does not change.Sample data
  6. 06 · Sealed

    Sealed, witnessed and ready to share.

    The hold is sealed and time-stamped outside Northgate, then countersigned. The coverholder, the capacity committee and Lloyd's can each check the record with a verifier, without an account.

    Anyone given the record file can check it.

    honestas · decision evidence · the seal receiptSample data
    The seal receipt for record 2026-0918-4471, the coastal binder hold, with its checkpoint, time stamp and two countersignatures
    The seal receipt. The hold is sealed, checkpointed, time-stamped and countersigned by two outside witnesses before it can leave.Sample data
honestas · conversations · writing to another firmSample data
A conversation between Northgate Mutual and its coverholder Harbourline Underwriting under written agreement CA-118, with an instruction to stop binding coastal property above £5m waiting to be confirmed
An instruction to a coverholder. Stop binding coastal property above £5m. It is not in force until Harbourline confirms it.Sample data
honestas · decision rooms · coastal-binder-q3Sample data
A decision room on the coastal binder: Tom Bell disagrees, Maria Okonjo agrees with conditions, Gita Shah in the chair, and the coverholder's seat kept out
The room, side by side. Openings written blind, then rebuttals, then the chair rules. The coverholder's seat is kept out of its own renewal.Sample data
honestas · versions · pinned to its versionsSample data
The ruling to hold the 2027 coastal binder renewal, pinned to the wording, rate book, guideline, binder and room terms it used
A ruling pinned to its versions. Hold the 2027 renewal. Six things pinned at the seal. Two have been replaced since, and the record does not change.Sample data
honestas · decision evidence · the seal receiptSample data
The seal receipt for record 2026-0918-4471, the coastal binder hold, with its checkpoint, time stamp and two countersignatures
The seal receipt. The hold is sealed, checkpointed, time-stamped and countersigned by two outside witnesses before it can leave.Sample data
The rules you answer to

Mapped to Lloyd's and the rules behind it.

Each sealed record is linked to the requirement it helps answer, so a validation report or a coverholder audit starts from evidence.

  • Lloyd's model validationInternal Model Validation GuidanceA validation report to Lloyd's at least once a year, with third-party catastrophe models validated as part of capital.
  • Lloyd's delegated authorityIntermediaries Byelaw (No. 3 of 2007)Coverholders and delegated claims administrators approved, and their contracts registered, before they act for a syndicate.
  • Lloyd's reporting standardsCoverholder reporting standards, v5.2A core data set for risk, premium and claims bordereaux that every syndicate collects from its coverholders.
  • Solvency IIDirective 2009/138/EC, Art 124 and 126A regular cycle of model validation, and no exemption for models or data bought from a third party.
  • DORARegulation (EU) 2022/2554ICT risk, incident reporting and the register of ICT suppliers for EU insurers and reinsurers, since 17 January 2025.
  • Insurance DistributionDirective (EU) 2016/97 (IDD)Fair dealing and product oversight through the distribution chain, including business written under a binder.

Not legal advice. Lloyd's requirements change through market bulletins: check the current version with your compliance team.

Go deeper

Go deeper

PlatformModel validation

Every external model, validated from its own runs.

PlatformDecision rooms

Every side argued. One person rules.

SolutionsBrokers and MGAs

The coverholder's side of the same binder.

Book a demo

See one of your binders in HONESTAS.

Bring a binding authority agreement and a few months of bordereaux. We will check them against the binder and show the renewal argued, signed and sealed.

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