BUNDA, Baltic Underwriting Agency is Coverholder at Lloyd’s since 2015. The term “Coverholder” has several synonyms that are commonly used in the insurance market: managing general agent (MGA), managing general underwriter (MGU), underwriting agency. BUNDA stands for Baltic Underwriting Agency. However, this name symbolizes much more. In Lithuanian language BUNDA means “awakening”. So, the name bears a strong emotional implication of liberation, spring coming after the winter, the hopeful beginning of a new day, faith in the future.

Started back in 1688, Lloyd’s is not an insurance company that you may ask for a quote just by calling or sending a written request. Rather, Lloyd’s is a market where some very specific rules apply. One of such rules is that policyholders and insurance brokers may only access the Lloyd’s market via Lloyd’s broker or Coverholder.

Unlike a broker, a Coverholder is a company that is delegated a binding authority, which means it is authorized to underwrite insurance risks and enter into contracts of insurance on behalf of Lloyd’s syndicate. Coverholders may also have the authority to collect premiums and settle claims. While Coverholder status offers much more opportunities, it also requires for more responsibilities to be taken.