Nebula MGA has secured Lloyd's Coverholder designation, giving the Miami-based specialty platform direct access to Lloyd's underwriting capacity across five lines in markets where specialist coverage has historically been difficult to source. The formal designation took place at a ceremony at the Lloyd's of London building on June 17. Nebula was founded in 2021 by Raúl Pérez and Alejandro Rebolledo and operates across North America, Latin America, Europe, Africa and the Middle East.
The designation reflects a specific Lloyd's market development logic: expanding specialty capacity in emerging and frontier markets through local-knowledge MGA platforms with established broker and client relationships, rather than through direct market access that requires clients to navigate Lloyd's directly. Nebula's Miami base and five-region footprint give it the geographic proximity and market relationships to originate risks in Latin America and Africa that a London-based underwriter would find harder to access at the same quality of risk selection.
Political violence, backed by Markel International Insurance Company, carries the largest single capacity allocation at up to US$30 million - a deliberate weighting given that Latin America and Africa are among the regions where political violence risk is most frequently underserved by standard insurance markets. Casualty is supported by Lloyd's Syndicate 3000 Markel with capacity of up to US$15 million. Cargo and stock throughput draws on Arch Insurance (UK) Limited and Tokio Marine HCC International with capacity of up to US$10 million. Financial lines are supported by Genesis Global RE Limited and surety bonds by Mandarin Re, each with capacity of up to US$5 million. Across delegated authority facilities and binder solutions for other MGAs and strategic partners - spanning property, treaty and parametric/ILW reinsurance - more than US$100 million of capacity is deployed globally.
Markel International Reinsurance Company acted as sponsor through the Lloyd's approval process. Lauren Percival, who heads Markel's international casualty team, and James Murray supported Nebula's casualty underwriting during the application.
Latin America, one of Nebula's core markets, illustrates the protection gap the designation is designed to address. AM Best has reported that insured natural catastrophe losses in Latin America totalled US$11.6 billion in 2024 - a figure that represents a fraction of economic losses in a region where specialty insurance penetration, particularly in political violence, casualty and financial lines, remains substantially below developed market levels. Specialist MGAs with local origination capability and Lloyd's capacity behind them are positioned to close that gap more efficiently than direct market solutions.
The Nebula designation arrives as Lloyd's delegated authority business accounts for approximately 45% of the market's premium income, with premiums in that channel rising from £10.4 billion in 2018 to £22.1 billion in 2023. Lloyd's remained the largest reinsurer by MGA premium volume in 2025, with US$1.7 billion assumed across programme carrier partnerships - a growth trajectory that makes the coverholder route an increasingly significant mechanism for Lloyd's market expansion into geographies it cannot efficiently serve through open-market placements alone.
