Application process

Contact the Lloyd's New Entrants team

What we need from you

Please contact the New Entrants team to arrange an initial discussion.

We ask that you provide a summary of the proposition, within five PowerPoint slides, two full working days in advance of the initial discussion, outlining:

• Who you are – including your management team and relevant experience.
• What you do - the opportunity, approximate gross written premiums for the first three years, classes of business to be underwritten and the geographical split of the business.
• Why Lloyd’s is right for you and how you believe you will contribute to the success of Lloyd’s market.

What you can expect from us

We will advise you of the outcome within two full working days of the initial discussion. In most cases this will either be:

• Please progress to the Triage (stage two); or
• Why Lloyd's might not be the right place for your proposition.

How to contact us

Email us:

newentrants@lloyds.com

Qualitative and quantitative submission

What we need from you

We ask that you complete both the following which can be found on our Useful resources page;

• Triage Qualitative Submission Template; and
• Triage Quantitative Submission Template

What you can expect from us

The Triage Group will review the submitted Qualitative and Quantitative templates and any other information provided and will confirm either: 

• Progress to the Business Opportunities Committee (stage three); or
• Request further information; or
• An explanation of why the Triage Group considers that your proposal does not meet the criteria.

Visit our Useful resources page

Detailed plan presentation

What we need from you

You will be invited to attend an hour’s meeting in person with the Committee. Your submission at least three working days prior to the agreed meeting should consist of four parts:

• The Quantitative submission - Business Plan & Governance
• A summary presentation to the Business Opportunities Committee consisting of no more than 20 pages.
• 3 Year GAAP P&L of the prospective business.
• A completed Lloyds Standard Model template.

Please review the Business Opportunities Committee Submission Guidance which identifies the Qualitative information that we require in more detail. 

All of the above documents can be found on our Useful resources page.

What you can expect from us

The outcome of the presentation will be either:

• Agreement to submit the application to Lloyd’s Council with support of the Committee; or
• A request further information; or
• An explanation as to why the Committee considers your proposal does not meet the criteria.

Visit our Useful resources page

Our highest governing body grants ‘in-principle’ approval

What we need from you

The New Entrants team prepares a paper presentation for Lloyd’s Council. The paper, along with a short supporting slide deck, prepared by the applicant, is presented to the Lloyd’s Council.

What you can expect from us

The outcome will be either:

• The Council grants ‘in-principle’ approval; or
• The Council requests further information; or
• An explanation of why the Council considers that your proposal does not meet the criteria.

Deliver the operational and administrative aspects

What we need from you

The New Entrants team will set out and explain the actions required to obtain final approval – Permission to Underwrite. These actions can include:

• Agreeing the Business Plan and level of capital required.
• Securing capital and finalising the capital arrangements.
• Obtaining agreement for establishing any new corporate member(s).
• Establish the necessary legal arrangements. This will include entering into a standard Managing Agents Agreement and you may wish to have a Third Party Syndicate Management Agreement.

What you can expect from us

When all the Making it Happen actions are satisfactorily completed, your application will move to the final stage - Permission to Underwrite.

Final formal approval and launch

What we need from you

Confirmation you are happy to proceed

What you can expect from us

The Business Opportunities Committee has delegated authority to agree the final Permission to Underwrite. The New Entrants team will prepare a submission to the Committee summarising the application and confirming that the requirements of the Making it Happen process has been successfully completed.

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