Lloyd’s Market Association Bulletin
Ahead of the introduction of the New Directors and Officers Risk Codes in January 2025, the LMA Directors and Officers Committee has provided guidance on the use of each risk code in the table below.
Current guidance for ‘USA’ is for any US-domiciled insured, or any insured with a US ADR2, ADR3 or full-share listing.
| Risk code | Code | FI/Commercial | Insured structure | Coverage | USA exposure |
|---|---|---|---|---|---|
| DD | New | Comm | Public | A / A-DIC | USA |
| DA | New | Comm | Private | ABC / AB / C / A / A-DIC | USA |
| DB | New | Comm | Private | ABC / AB / C / A / A-DIC | Ex-USA |
| D1 | New | Comm | Public | A / A-DIC | Ex-USA |
| D2 | Amended | Comm | Public | ABC / AB | USA |
| D3 | Amended | Comm | Public | ABC / AB | Ex-USA |
| D4 | Unchanged | FI | Public/Private | ABC / AB / C / A / A-DIC | USA |
| D5 | Unchanged | FI | Public/Private | ABC / AB / C / A / A-DIC | Ex-USA |
| D6 | Unchanged | FI/Comm | Public/Private | Entity EPL | USA |
| D7 | Unchanged | FI/Comm | Public/Private | Entity EPL | Ex-USA |
| D8 | Unchanged | FI/Comm | Public/Private | TL | USA |
| D9 | Unchanged | FI/Comm | Public/Private | TL | Ex-USA |
| BB | Amended | FI | Public/Private | FI crime | Any |
| BC | New | Comm | Public/Private | Commercial crime | Any |
Katie Clark
Executive, Technical Underwriting
katie.clark@lmalloyds.com