Syndicate in a box

The SIAB model was developed to allow smaller, entrepreneurial business proposals the opportunity to establish an underwriting platform in Lloyd’s at a smaller scale and lower cost base.

The SIAB model also provides:

• A faster approval timeline and reduced Lloyd’s application fee.
• Proportionate oversight to reduce the administrative burden. A SIAB is exempt from a number of Lloyd’s financial reporting requirements.
• Business plans for years two and three will be automatically approved subject to there being no material change to the initial three year plan.

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

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 of the applicant’s business;
• the fitness and propriety of the applicant’s directors, officers and key personnel;
• the collective suitability of the applicant’s board of directors and of each of its committees;
• the ability of the applicant to comply with Lloyd’s cultural requirements and targets including those relating to diversity
• the ability of the applicant to comply with Lloyd’s requirements for sustainability;
• the applicant’s capability and readiness to engage in and make changes required by Lloyd’s market transformation initiatives.

In terms of the value to Lloyd’s, we are looking for a SIAB to:

• Deliver differentiation and/or innovation in terms of product or distribution.
• Operate through the application of existing and tested technology.
• Be a credible disruptor to traditional insurance practices.

• Application fee is £100,000 (VAT is not applicable).
• 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.