The Lloyd’s Market Association published LMA3174 Singapore Service Company Consortium Agreement in July 2023. This model wording gives service companies in Singapore the framework to participate in full-delegation Consortia, traditionally not possible outside of the London market. Ultimately, this gives service companies in Singapore the capability to offer larger capacity and greater efficiency to brokers and clients in the region.
View a news article on this by Insurance Asia News here. The LMA-approved wording and FAQ Document is available by clicking on the links below.