Auction Newsletter No2 for 2016
Lloyd’s capacity Auctions - Auction Newsletter No2
28 October 2016
Relevant information – Disclosure notification to the Auction Office
The following Disclosure notices have been posted on lloyds.com since Auction Newsletter No1 was published on 21 October 2016.
D2016001 – D2016007
These notices are available in the disclosures section of the capacity auctions website page.
Syndicate 308 managed by Tokio Marine Kiln Syndicates Limited
Syndicate 308 will not participate in auction one on 1 and 2 November 2016. Tokio Marine Kin Syndicates Limited has prepared the following summary about syndicate 308:
“It has become apparent that an international term life contract written by Syndicate 308, through one of its coverholders, may have been bound in breach of relevant local licensing requirements.
Once discovered, Tokio Marine Kiln Syndicates Limited (TMKS) reported the issue to the relevant local regulators.
TMKS will continue to take responsibility to work with all parties (including regulators) to resolve the situation. TMKS does not expect the issue or its resolution to have any material impact on the results of Syndicate 308.
Because the matter is still subject to regulatory process, TMKS cannot at this stage make a more detailed disclosure. As a result Lloyd’s have decided to withdraw Syndicate 308 from the 1st Capacity Auction.”
Syndicate 2526 managed by AmTrust at Lloyd’s Ltd.
Syndicate 2526 will not participate in any of the auctions in 2016 as an application to cease the syndicate has been submitted by the managing agent to Lloyd’s. The application is scheduled to be considered by the Lloyd’s Capacity Transfer Panel in November 2016.
Opening Stakebuilders report
The report shows the percentage of capacity a member holds on a syndicate if 25% or above. Also detailed is the percentage of capacity held by members connected to the syndicate. This report will be updated after each auction and published on lloyds.com with all the auction reports.Click here to view the opening Stakebuilders report.
Syndicate Constitution files (SC files)
The electronic ‘Syndicate Constitution’ files will be available for all Managing Agents of unaligned syndicates to download from the Stamp system website (https://stamp.lloyds.com) on the dates specified in the Managing Agent Stamp & Auction timetables.
Notification will be emailed when these files are available. Kindly advise if your contact has changed since 2015.
Auction 1 - Reminder
Auction 1 will be held on Tuesday 1 November and Wednesday 2 November.
The Auction system will be open for bid submission at the following times:
Tuesday (Day 1) from 9am until 1pm
Wednesday (Day 2) from 10am until 2pm
Bid Staging & Submission
The auction office will be opening Auction 1 for Issuers to prepare and stage their bids from 10am on Monday 31 October ahead of the live auction being opened at 9am on Tuesday. We would suggest that all Issuers who will be submitting bids in Auction 1 ensure that they can access the system before Monday, even if they do not plan to stage any bids in advance.
If you have any problems accessing the system, please contact the auction office as above.
Bids – minimum bid price change
Reminder - Auction bids can be made to 2 decimal places and as per the Auction Rules 2016 paragraph 8 (6), the minimum Floor Limit and minimum Subscribers’ Premium is now 0.10p per £1 of capacity.
Pre-emptions / De-emptions
The details given are of confirmed pre-emptions and de-emptions approved by Lloyd’s Performance Management Directorate.
Please note: this is for information only. The necessary data on confirmed changes has been forwarded electronically by Lloyd’s Market Services to the relevant Members’ Agents to update their systems accordingly.