To participate in the Lloyd’s market as a managing agent, new entrants must meet specific criteria:
New managing agents must show how they will provide effective governance and oversight to the underwriting business. They need to have systems and resources in place to control the managing agent and make it a financially viable business in its own right.
New managing agents will need to demonstrate they have an experienced team whose time is committed to the managing agent and they have an effective managing agency board. Where relevant they will need to evidence the robustness of any in-source or outsourced functions.
New managing agents will demonstrate the strategy and value of establishing their own agency with an established underwriting infrastructure.