Managing agents must:
- Be a UK registered company that is regulated by the PRA and FCA, and Lloyd’s.
- Meet PRA / FCA threshold requirements and Lloyd’s Minimum Standards.
- Satisfy the regulators that the proposed managing agent will have suitably qualified Executive Directors, appropriate independent non-Executives and a strong senior management team to provide governance and oversight to the underwriting business.
- Have a minimum qualifying capital of £400,000 and also keep to a minimum net asset requirement.
- Have experience of the UK regulatory framework. It is not usually appropriate to pursue a new syndicate and managing agent application at the same time.