A legacy reinsurance transaction is a third party reinsurance to close (RITC), including back year transactions for ongoing syndicates and approved split year RITCs, Loss Portfolio transfers (LPT) and Adverse Development Covers (ADC) of discontinued Lloyd's business, written by a Lloyd's syndicate.
This section provides guidance on entering into legacy reinsurance transactions, detailing the required documentation from ceding and receiving syndicates, and outlining the oversight and approval process by Lloyd’s.
Legacy reinsurance transactions will be reviewed by Legacy Reinsurance Panel (LRP) which is a group of subject matter experts responsible for assessing the capability of the receiving syndicate to manage the portfolio of reserves transferring due to the legacy reinsurance transaction. This includes explicit consideration of capability under the Principles Based Oversight framework, giving consideration to the impact of the proposed transaction on expected maturity across all Principles.
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legacyri@lloyds.com