What is a syndicate in a box?
Syndicate in a box encourages new, accretive and innovative business and talent to come to Lloyd’s.
Lloyd’s is a unique marketplace where syndicates can underwrite risks on highly-rated paper through an extensive global licence network as part of the world’s foremost commercial insurance brand. Lloyd’s has a proven track record of providing innovative entrepreneurs with the platform to serve their customers and grow their businesses.
Syndicate in a box will ensure that this continues by offering a new way of bringing innovative new syndicates into the market and giving them the best chance of success. The syndicate in a box solution will:
- Adjust the participation and entry criteria to make it easier and more capital-efficient for smaller entrepreneurial businesses to enter and trade at Lloyd’s for their first three years.
- Create an environment that facilitates testing and learning, with fast success or failure.
- Balance quicker, more transparent entry processes and proportionate capital requirements with constraints that limit the potential downside for the market.
- Ultimately have instant access to the Lloyd’s ecosystem that can provide smaller, focused underwriting teams with the infrastructure and services they need to operate efficiently.
- Apply the same regulatory responsibilities and Lloyd’s minimum standards as for other syndicates.
- Operate to the same standard of performance management and oversight as for other syndicates. The Performance Management Director is Chair of the Business Opportunities Committee, which oversees the new entrants process.