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 to us. In Lithuanian language BUNDA means “awakening”. So, our name bears a strong emotional implication of liberation, spring coming after the winter, the hopeful beginning of a new day, faith in the future.
We want BUNDA to be like a morning cup of aromatic coffee that awakens, inspires, and supports. With us you are awakening for a new, bright day!
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.
BUNDA is Coverholder at Lloyd’s since 2015.
Quick and easy access to capacities and expertise of Lloyd’s – the world’s leading specialist insurance market: more security to people, more stability and sustainability to businesses.
To provide superior insurance services that BROKERS confidently offer to their clients, CLIENTS choose and recommend to their partners and EMPLOYEES are proud of.
We build trust-based relationships with colleagues and partners.
We are a collaborative team that feels responsible for their personal work, for the actions of their colleagues, for the results of the whole company.
We respect each other and show respect for colleagues and partners in every situation.
The Lloyd’s brand is the most valuable asset that we are entitled to use.
The Lloyd’s brand is only for use by Lloyd’s market participants – under a very strict guidelines it can be used by Lloyd’s underwriters and service companies, Lloyd’s brokers, Lloyd’s coverholders and Lloyd’s agencies. The other insurance companies (e.g., reinsureds), insurance brokers or policyholders may not make reference to a Lloyd’s name or brand for general self-promotional purposes. This is to ensure it remains recognisable, consistent across the world, and retains its value.
BUNDA is proud to be part of Lloyd’s!