Agency Staff Pre-emption 2010
The Syndicate Pre-emption Byelaw (“the Byelaw”) permits the allocation of syndicate managed capacity to "agency staff" participating via a Limited Liability Partnership (LLP). The R J Kiln & Co “agency staff” are in the process of setting up an LLP for the 2010 year of account.
It is too early to confirm the level of participation for the 2010 year of account. However, we would wish, should there be demand, to allocate capacity to staff and consequently we are writing to seek members’ consent to enable us to take advantage of the ability under the Byelaw to allocate up to 2% of capacity on syndicates 510, 557 and 807 for the 2010 year of account.
It is expected that the following conditions would be required before consent is granted, namely the capacity would be non-voting, dropped capacity will be cancelled by the Managing Agency and not reallocated to the Aligned Corporate Member and the aggregate capacity allocated will not exceed more than 2% of the stamp capacity (for each syndicate) in any one year of account.
In accordance with the Byelaw, please take this as notice of our intention to allocate capacity as detailed above, and request that you confirm your approval in principle by the end of the consultation period on the 22 September.
Date issued: 7 September 2009
Contact Information
Agency contact name: James Dover
Agency contact no: + 44 (0)20 7360 1482
For auction office use only: D2009011
