Lloyd’s Minimum Standards require 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.
Note - 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 form (copy within these webpages) is filled out confirming agreement for the details to be published on the website, signed and sent to firstname.lastname@example.org
This section will build on this description, providing additional information and guidance to help Independent Review.