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“I want to establish a Lloyd’s underwriting business leveraging my resources, distribution and capital”

What is a Syndicate?

Syndicates are the traditional market facing business units at Lloyd’s.

They can be supported by one or more members of Lloyd’s; the members are the insurers for their share of any risk written by the syndicate (separately, not jointly).

Why establish a syndicate at Lloyd’s?

  • Syndicates are usually, but not exclusively, established by existing market groups looking to access and benefit from Lloyd’s brand, licence network, rating and distribution. Syndicates often start out as SIABs or SPAs before progressing to full syndicate status.
  • Each syndicate can set its own appetite for risk and formulate its Business Plan to be agreed by Lloyd’s.
  • A syndicate, through its managing agent, arranges its own reinsurance protection and manages its exposures and claims.
  • Syndicates can lead, and provide follow capacity, on subscription risks covering a wide range of classes of business although many will be specialists in particular classes.

Lloyd’s assessment criteria

Lloyd’s has established overarching criteria for the assessment of all new entrants; these criteria are provided for by the Underwriting Byelaw and are set out in full in the requirements made pursuant to the Underwriting Byelaw.

More broadly, Lloyd’s will consider the extent to which the applicant’s proposed business adds value to the Lloyd’s market, having regard to criteria including:

  • the nature and robustness of the business plan of the syndicate;
  • whether the applicant is a competent, proficient and capable organisation;
  • whether the applicant is of appropriate reputation and standing;
  • whether the applicant has adequate capital and financial resources;
  • whether the applicant is able to meet Lloyd’s Principles framework where applicable;
  • the applicant’s support for ‘Future at Lloyd’s’ and other market wide initiatives. 

Fees and charges

  • Lloyd’s syndicate application fee is £200,000 (VAT is not payable).
  • The application fee invoice will be issued once the application has been recommended to the Council by the Business Opportunities Committee.
  • Please note the application fee is non-refundable.
  • Further information on charges payable by members to operate in the Lloyd’s market can be found in the Triage Quantitative submission.
  • We review our charges annually and every September we release a Market Bulletin confirming the charges for the following year.
Front cover of guide displays the title: Establishing a Syndicate at Lloyd's. A guide for applicants. and an illustration of 3 blue figures, from shoulders up, on a pink background

Next steps

Download the Syndicate Guide to find out more about our assessment criteria and how to apply.

Useful resources

You can find all the materials required for your application, including templates, by visiting the Useful resources page.