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Subordinated debt

The Society of Lloyd’s issued subordinated debt in October 2014 and February 2017

The following table sets out the terms of the outstanding subordinated debt.

Principal Amount - Issued

GBP 500m
GBP 300m

Principal Amount - Outstanding as at 01/10/2018

GBP 500m
GBP 300m

Interest Rate

4.75% per annum
4.875% per annum


October 2024
February 2047


February 2027


Lower tier two
Solvency II tier two

Interest Deferral

Breach of regulatory capital / Regulatory intervention
Breach of regulatory capital / Regulatory intervention

Issue Price


Ratings: A.M. Best


Ratings: Fitch

Ratings: S&PA-A-

* '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"

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