Who is Hispania regulated by?

Hispania is an insurance and reinsurance broker firm authorised by the Directorate General of Insurance and Pension Funds in Spain (Spanish initials, DGSFP). However, in addition to coming under this regulating body, it is supervised by the Lloyd’s institution. As the status of Lloyd’s broker is not indefinite, it is subject to constant review in accordance with a number of strict parameters addressing corporate management, business production and profitability.

How can I do business with Hispania?

Until only a short time ago, the procedure was somewhat involved as the institution of Lloyd’s required anyone wishing to work with a Lloyd’s broker to provide credentials, including financial, legal and accounting information. Now, however, the procedure has been greatly simplified and Lloyd’s does not stipulate any obligation.

Nevertheless, Hispania, in its bid to ensure the ongoing quality of its processes, requires the execution of an agreement of collaboration between the two parts: the insurance broker acting as a client and Hispania. Prior to the execution of this contract, Hispania makes sure that the interested party is duly authorised to operate on the insurance market by the DGSFP, has a sound reputation and that its books are in order.

To request quotes, please send your application to the following e-mail address: cotizaciones@hispaniarb.com

Immediately, one of our executives will get in touch with you, requesting further information about the deal in question as necessary. He may also send you a questionnaire.

What are HISPANIA’s response times?

Quote terms vary depending on the type of risk to be placed. In some cases, it is possible to answer/give a quote in a matter of hours. In other cases, it takes longer. It will, to a large extent, depend on the information provided and the specialisation sought for the risk.

What advantage does an underwriting agency gain from accessing the market via a Lloyd’s broker?

A Lloyd’s broker enables an underwriting agency to access the market for the purpose of placing the product he wishes to commercialise, locating the best underwriter(s) for the product in question and seeing to negotiations.

Moreover, the agency is able to keep a constant eye on the market to find out whether the product is placed to the best advantage and under the best terms and conditions, or whether there are more competitive markets available.

Lastly, an underwriting agency may deal in a certain product, in a single kind of business with a single subscriber. To put it another way, he does not have full access to the market. This means that he cannot place any deal that falls outside his range of products.

A Lloyd’s broker will not only make sure that no deal is discarded but will also help you place it so that you can broaden the range of products available to your client.

How do we operate in each quote?

Although each branch is unique and the treatment of each risk is different, there is a set of stages common to all:

On receipt of a quote application, a submission is prepared, providing that sufficient information has been furnished. The submission document takes account of the characteristics of the risk to be quoted and usually proposes a set of premium and application conditions based on the limits and franchises requested, in accordance with our knowledge of the market.

Once the underwriter has given his quote, we draw up an insurance offer and present it to the client. This offer may contain subjective items should further information about the risk be required, in which case the offer is non-binding. If it is binding, a period of validity is specified in the offer.

If the client accepts the offer, we prepare the placement slip. This document is to be presented to the subscriber and contains full details as to the risk, application conditions, payment terms and so on. Although it has full legal validity as proof of coverage, it is for internal use by the broker and underwriter.

On the basis of this slip, we prepare the full policy, which is normally divided into three parts: the jacket, the schedule and the wording.

The full policy is e-mailed to the deal producer, along with the settlement receipt. If you require a hard copy of the policy or of the premium receipt for direct delivery to the client, you should make a specific request.

N.B.: It is absolutely essential for the client to sign each and every page of the policy, which must then be duly returned to us.

How can I do business with Lloyd’s?

If you are an insurance or reinsurance broker wishing to send a deal to Hispania Risk Broker for placement at Lloyd’s, you will first need accreditation as an Open Market Correspondent (OMC) to Lloyd’s. However, to obtain OMC accreditation, you will need the backing of at least one Lloyd’s broker. To obtain this backing, contact us or Lloyd’s directly.

What type of business does Hispania deal in?

As we are an all-round broker, we are technically and legally qualified to handle any kind of deal whatsoever, be it insurance or reinsurance.

What requirements must I meet if I wish to do business with Hispania?

Lloyd’s, the world’s leading insurance market, has established a number of procedures whereby it is able to guarantee the companies insured at Lloyd’s that brokers allowed to place risk at Lloyd’s fulfil a set of requirements. The two ways of accessing the market are as follows (in both cases, the backing or sponsorship of a market player is necessary): Open Market Correspondent backed by a Lloyd’s broker. Coverholder or underwriting agency backed by a Lloyd’s broker or syndicate. Market practice suggests that the figure of a Lloyd’s broker is necessary both for a coverholder and for an insurance or reinsurance broker or brokerage firm. All being well, Hispania Risk broker will, in principle, be interested in examining your transaction with a view to giving you our backing. Once Lloyd’s has received the completed form from us, its officers will look into the background of the applicant broker, his accounts and his professional integrity so as to award him the title of Open Market Correspondent. If the applicant is an underwriting agency already constituted or in the process of constitution, it will also be necessary to apply for the backing of a Lloyd’s broker to obtain accreditation as a coverholder. In this case too, we at Hispania Risk Broker would be pleased to study your business model and, as applicable, back it and undertake market placement.

Who are Hispania’s clients?

In actual fact, anyone wishing to do business with Lloyd’s is a client of ours. At the same time, we have pinpointed two major client segments: insurance brokerage firms in general and Lloyd’s underwriting agencies. But this is not all, for our list of clients might also include reinsurance brokerage firms; insurance companies engaged in the placement of risks and portfolios in reinsurance; and, to a far lesser extent - solely in highly specific cases – end-customers, either through their risk management or through their captives.