Managing agent application process:
Likely duration of application: 12 months
A new managing agent application starts with a discussion with the Business Development Team (new entrants). The managing agent application involves both Lloyd’s and the PRA / FCA.
The prospective managing agent should focus on the resources and governance capabilities within the new managing agent. The applicant will initially present a High Level Pitch. If this is successful, we will invite the applicant to present a Detailed Plan Presentation to the Business Opportunities Committee (BOC) and PRA/ FCA.
Review and "in principle" approval
The BOC recommends escalation of the application to Council for them to consider “in principle” approval.
Making it Happen / Permission
After the Council has agreed “in principle” approval of the new managing agent, then Lloyd's will undertake a comprehensive Minimum Standards review, along with establishing defined operational and administrative deliverables. The PRA / FCA review will run in parallel but separate from Lloyd’s process. Lloyd's will liaise with the PRA / FCA through these concurrent reviews. Once Lloyd's review work is complete the application is resubmitted to the BOC seeking Permission for the new managing agent to assume the management of the target syndicate.
Once the managing agent is "live" we will follow up on deliverables that will have been clearly set out in a post approval action plan. We will regularly review how the business is performing against minimum standards.