The following table sets out the terms of the outstanding subordinated debt.
The Society of Lloyd’s issued subordinated debt in October 2014 and February 2017
Principal Amount - Issued
|GBP 500m||GBP 300m|
Principal Amount - Outstanding as at 01/10/2018
|GBP 500m||GBP 300m|
|4.75% per annum||4.875% per annum|
|October 2024||February 2047|
|Lower tier two||Solvency II tier two|
|Breach of regulatory capital / Regulatory intervention||Breach of regulatory capital / Regulatory intervention|
Ratings: A.M. Best
* 'Solvency Condition' will be met if the ratio of Capital and Reserves to Net Premiums Written is equal to or exceeds 35%.
The 'Solvency Condition' for interest deferral on the Subordinated Debt was defined in the Prospectus, Nov 2004 and Jun 2007, as the ratio of "Capital and Reserves" to "Net Premiums Written"
Please contact us for more information.
We are providing the information in this section for background information only. We are not providing access to this section for the purpose of soliciting: (a) membership in Lloyd’s or membership of any syndicate of Lloyd’s, (b) the purchase of any security issued by Lloyd’s, or (c) the purchase of insurance, or any other service or product, in the Lloyd’s market. This section does not make an offer of, or solicit an offer for, any of these things.
Third parties, such as Lloyd’s syndicates, have provided some of the information on this web site and Lloyd’s has not verified its accuracy and completeness. More generally, we do not accept responsibility for loss by any person acting or refraining from action as a result of any statement, fact, figure or expression of belief (including any forward looking statement) contained on this web site.
You must not distribute the information on this web site to, or cause it to be used by, any person or entity in a place where its distribution or use would be unlawful.
You confirm that (i) you acknowledge and agree to the paragraphs above and (ii) your access to this information is not deemed to be an offer or solicitation of an offer under the laws of your local jurisdiction. You also agree that you will not provide any person with this information without providing them with a copy of this acknowledgment and agreement, by which they will also be bound.