Skip to main content

Principles for doing business at Lloyd’s

The Principles for doing business at Lloyd’s (“The Principles”) are at the heart of our Oversight Framework and set out the fundamental responsibilities expected of all managing agents. The Principles provide a clear and consistent articulation of the outcomes expected by all Lloyd’s syndicates and managing agents, and also recognise that different syndicates and managing agents will deliver against the Principles in many different ways.  


The 13 Principles set out the fundamental responsibilities expected of all managing agents in order to support the markets’ overall performance, capital strength, financial and reputational credibility. The Principles are supported by guidance in the form of a Maturity Matrix.


Click on each individual principle below to review their respective sub-principles and supporting guidance.

Performance

Solvency

Operational

Maturity Matrix

Across the large number of syndicates and managing agents in the market, we recognise that there will be many different ways to deliver against the Principles and the main differentiator is materiality: the more material a syndicate is to a particular Principle, the more sophisticated we would expect the syndicates' capabilities to be in order to meet that Principle, with what determines materiality varying by dimension. These different levels of sophistication are described as a Maturity Matrix, from FOUNDATION level applying to the least material syndicates through to ADVANCED level applying to the most material.

Learn more about understanding the Maturity Matrix in the Principles PDF below

Principles of doing business at Lloyd’s

 A PDF of the Principles and Matrices, including further information on the Maturity Matrix is available to download.

Further information

Mapping Minimum Standards to Principles