Lloyd's Capacity Auctions 2021 – Auction Newsletter No 2
14 October 2021
Welcome to the second issue of the Auction Newsletter for the 2021 auction season.
Please read the content below carefully - at the end it includes contact details for the Auction Office should any issues arise during the auction days or at any other time.
The Auction Office is publishing this newsletter to report on the outcome of a meeting of the Lloyd’s Council held on 13 October 2021.
All auction newsletters, disclosures, results, timetable, rules and guides are available on the lloyds.com website. The following link will take you to the Auction homepage: -
Revocation of Bilateral Arrangements Byelaw
As part of the annual capacity markets consultation, Lloyd’s consulted on a proposal to revoke the Bilateral Arrangements Byelaw and Bilateral Arrangements Rules so that bilateral arrangements are no longer permitted with effect from the 2021 auction season. This was referred to in two Market Bulletins, Ref: Y5346 and Ref: Y5352.
Lloyd’s notified the FCA and PRA of its proposal and subsequently received their non-objection. Lloyd’s proceeded to submit the proposal to revoke the Bilateral Arrangements Byelaw to the Lloyd’s Council for its consideration and on 13 October the Lloyd’s Council approved the proposal.
The Bilateral Arrangements Byelaw, the Bilateral Arrangements Rules and all related documents have now been revoked so that bilateral arrangements will no longer be permitted from 13 October 2021.
Auction Office contact details
Claire Sheahan & Stuart Underdown are responsible for the administrative function for the capacity auctions and can be contacted at firstname.lastname@example.org or on 01634 392904 & 01634 392017 respectively.