Auction Newsletter No2 for 2018
Lloyd’s capacity Auctions - Auction Newsletter No2
22 October 2018
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 15 October 2018.
D2018005 – D2018011
These notices are available in the disclosures section of the capacity auctions website page:
Syndicate 1884 managed by Charles Taylor Managing Agency Ltd
Syndicate 1884 will not participate in any of the auctions in 2018 as Charles Taylor Managing Agency Ltd has informed Lloyd’s of its intention for syndicate 1884 to cease underwriting with effect from 1 January 2019.
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.
Syndicate Constitution files (SC files)
The electronic ‘Syndicate Constitution’ (SC) files will be available for all Managing Agents of unaligned syndicates to download from the Stamp system website on the dates specified in the Managing Agent Stamp & Auction timetable.
Notification will be emailed when these files are available. Kindly advise if your contact has changed since 2017.
Auction 1 - Reminder
Auction 1 will be held on Wednesday 24 October and Thursday 25 October.
The Auction system will be open for bid submission at the following times:
Wednesday (Day 1) from 9am until 1pm
Thursday (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 Tuesday 23 October ahead of the live auction being opened at 9am on Wednesday. We would suggest that all Issuers ensure that they can access the system before Tuesday, even if they do not plan to stage any bids in advance. Link to the Auction system:
If you have any problems accessing the system, please contact the auction office as below.
Bids – minimum bid price
Reminder - Auction bids can be made to 2 decimal places and as per the Auction Rules 2018 paragraph 8 (6), the minimum Floor Limit and minimum Subscribers’ Premium is 0.10p per £1 of capacity.
Pre-emptions / De-emptions
The details given are of confirmed pre-emptions agreed 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.