MGA/Coverholder Audits
Independent, Evidence-Based Coverholder Audits That Give You Genuine Oversight of Your Delegated Authority Network
Do you know your coverholders are operating within the boundaries you have set?
Managing a delegated authority network means placing real trust in the firms writing business on your behalf, and that trust needs to be backed by evidence. Regulatory expectations are increasing, and a compliance framework that looks good on paper is no longer sufficient.
How Pro Global Helps
We deliver independent, evidence-based coverholder audits that go beyond documentation review. We look at how underwriting practices, policy management and contractual obligations are being applied in practice, not just what your governance framework says should happen, so your Audit, Compliance and Delegated Authority teams can confirm coverholders are performing as expected and that any gaps are identified and addressed before they become regulatory or financial problems.
Why choose Pro Global for MGA/Coverholder Audits?
Every audit is run by senior professionals with hands-on delegated authority experience: direct knowledge of the London Market, Lloyd’s requirements and the operational realities of managing large coverholder panels.
We review underwriting practices, policy management and regulatory and contractual adherence, then go deeper into the financial detail with transactional audit reviews of financial records, transactions and accounting to verify accuracy in reporting and fund movement.
Detailed analysis of policies, cash acceptance, cash movement and bordereaux reconciliation gives you confidence that what is being reported genuinely reflects what is happening on the ground.
Our audits are designed to satisfy Lloyd’s performance management requirements and FCA expectations, producing defensible findings that stand up to Audit Committee and regulatory scrutiny.
Secure portal access and digital tools improve visibility without replacing human expertise, and we focus on the issues that actually affect your underwriting discipline and governance.
Effective coverholder oversight is not just a regulatory requirement. It is how you protect underwriting discipline and make sure the business written on your behalf reflects your risk appetite.
A Simple Proven Review Process
STEP 1:
Scoping & Planning
We agree the coverholders in scope, the standards to audit against and the evidence required, aligned with Lloyd’s and FCA expectations.
STEP 2:
Audit Fieldwork
Senior auditors review underwriting practices, policy management and contractual adherence, and carry out transactional reviews of records, cash movement and bordereaux.
STEP 3:
Findings & Reporting
Defensible, evidenced findings delivered through the portal, giving Audit and Delegated Authority teams a clear view of performance and gaps.
STEP 4:
Remediation & Monitoring
Corrective actions tracked to completion, with real-time status across your coverholder population and evidence to demonstrate control effectiveness.
Enhanced visibility via portal access
One transparent view of your entire coverholder population
We provide secure portal access to support oversight and reporting across your whole coverholder panel. Rather than managing audit findings across fragmented spreadsheets and email trails, you get a single, transparent view of audit activity, findings and remediation progress in one place.
Teams can track the status of any coverholder review in real time, capture evidence cleanly and monitor corrective actions as they are completed, making it much easier to demonstrate control effectiveness to your Audit Committee, Lloyd’s or any other regulatory body.
Results we deliver
- Underwriting clarity: a clear, evidenced picture of how your coverholders are actually writing business.
- Audit confidence: the defensible findings Audit needs to sign off on delegated authority controls.
- Regulatory readiness: coverholder oversight that meets Lloyd’s, FCA and other applicable requirements.
- Consistent oversight: a standardised approach across large and complex coverholder panels.
- Reduced exposure: gaps in coverholder performance identified before they translate into financial or reputational risk.
FAQs
The full picture of coverholder performance: underwriting practices, policy management, regulatory compliance and contractual adherence, plus transactional audit reviews of financial records, cash acceptance, cash movement and bordereaux reconciliation.
We look at how your coverholders are applying underwriting, policy management and contractual obligations in practice, not just whether the right policies and procedures exist on paper.
Yes. They are designed to satisfy Lloyd’s performance management requirements and FCA expectations, and the findings are written to stand up to Audit Committee and regulatory scrutiny.
Senior professionals with direct experience of the London Market, Lloyd’s requirements and the operational realities of managing large coverholder panels.
Through our secure portal, which gives you a single, real-time view of audit activity, findings, evidence and corrective actions across your entire coverholder population.
