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Independent Reviewers

Providing independent assurance

Lloyd’s requires that managing agents have effective systems and controls over each managed syndicate’s underwriting, ensuring that a representative range of risks underwritten by the syndicate is reviewed and assessed regularly by an appropriately qualified individual who is independent of the underwriter of those risks.

The role of the Independent Reviewer is to provide the managing agent’s board and management with regular (at least quarterly) reports to provide independent assurance as to the extent to which the syndicate’s strategies and pricing/underwriting policies are being applied correctly and consistently based on the review of a selection of risks written recently by the underwriters.


Download Lloyd’s guidance on independent review and peer review.

Join the list of Independent Reviewers

Lloyd’s does not make any recommendations or endorse individual reviewers as this is seen to be a Managing Agent decision based on their own specific requirements.

For anyone looking to be included on the published list, we ask that you provide a copy of your agreed Terms of Reference/contract with a Managing Agent. We also require that the Consent Form for new Independent Reviewers is filled out confirming agreement for the details to be published on the website, signed and sent to us.

List of Independent Reviewers

Lloyd’s maintains a list of individuals currently undertaking Independent Review work in the Lloyd’s market

These reviewers are then provided with the option of having their details published on The current list of Independent Reviewers working in the Lloyd's market can be found here. Please note: Lloyd’s does not appoint Independent Reviewers, nor does it market or endorse the services of any particular individuals seeking review work.

Independent Reviewer Q&A

Lloyd's regards an effective process of Independent Review of underwriting and pricing as essential and has embedded the requirement within our Underwriting Standards. Lloyd's recognises that different firms will want to shape their own solutions and this is accepted as long as the process is risk-based and demonstrably effective. Lloyd's has provided guidance notes within to illustrate what it means by an 'effective' process.

Lloyd's sees a clear distinction between Peer Review and Independent Review in terms of who does which and the focus of the two functions. Peer Review will usually be carried out within the underwriting teams and will focus on whether underwriting authorities and procedures have been followed on individual risks. Independent Review will assess pricing and underwriting of selected risks from a more strategic perspective. For example line size was within authority but was it appropriate for a risk of that quality? Are there trends emerging across the portfolio which will impact targeted performance? Benchmark pricing assumptions may need revision of the factors involved.

Lloyd's has published guidance on Terms of Reference for Independent Reviewers. This is included in the Lloyd's Guidance on Independent Review document which can be found here. These are not prescriptive nor exhaustive but cover all the points that Lloyd's considers essential for an Independent Reviewer to perform their role effectively.

No. Lloyd's is more interested in the independence of the review process being operated and its effectiveness. Lloyd's would expect that the personnel undertaking Independent Review have relevant experience and sufficient time, and are operating within a robust process. For example, a number of managing agents operate internal underwriting review teams. Lloyd's considers it essential that Independent Reviewers are sufficiently empowered to perform their role effectively and that their involvement is not simply a matter of "rubber stamping" the risks reviewed.

Lloyd's does not appoint Independent Reviewers, nor does it market the services of any particular individuals seeking review work. It is for managing agents to appoint their own Independent Reviewers, either internally or externally (consultants), and each will have their own criteria that they are looking for in Independent Reviewers. Anyone wishing to become an Independent Reviewer should consult managing agents who may be looking for people to fulfil the role.

Lloyd's makes it a condition of business plan approval that the Underwriting Standards are being met, which includes an effective process of 'Independent Review'. Where Lloyd's wants to test that presumption relevant documents will be sought (including the IR terms of reference and recent reports), and conversations will be requested which may include underwriting management, the reviewer(s) concerned and possibly independent non-executive directors from the Managing Agent's Board.

Lloyd's regards this as very important. Every managing agent's board (or assigned board committee, with NED involvement) should be seeing independent review reports which include conclusions in the context of agreed plan delivery. The board should also be given regular opportunity to speak with the Independent Reviewer(s) directly.

This is entirely a matter for negotiation between the managing agent and the Reviewer and Lloyd's cannot opine on it.

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