Application process and guidance
Syndicate in a box
Syndicate in a box
View all "Syndicate in a box"A clear and streamlined entry process
Length of application: Criteria validation / managing agent engagement plus 3 months
Pre-Application - validating proposal against criteria
A new entrant application starts with a discussion with our Business Development Team (New Entrants). We strongly encourage you to contact us before you commit time, money and resources to any proposal, which will help avoid any misunderstandings and unnecessary costs. In order to maximise the benefit of the discussion, we ask prospective applicants to provide information framed around the attached template. We will validate a proposal meets the stated criteria and is sufficiently accretive. If we are satisfied you will be invited to submit a formal application and business plan.
Submission
The application process for SIAB has been streamlined compared to full syndicate applications with an emphasis on data submissions once the pre-application stage has been satisfied. By receiving a full data pack early in the process Lloyd's can produce an indicative capital requirement and an assessment on the business plan.
SIAB ORSA guidance
Review and "in principle" approval
The internal review of a new business plan and capital assessment involves a few teams within Lloyd's. The Lloyd's New Entrants team and Syndicate Oversight Manager will co-ordinate a streamlined review process ahead of presentation to the Business Opportunities Committee (BOC) for "in principle" appoval.
Making it Happen / Permission to Underwrite
This is the finalisation of the application once it has "in principle" agreement. At the end of this stage the BOC considers the outputs from the review stage and how the operational and administrative aspects (including establishing any new members, lodging Funds at Lloyd's, setting up SIAB Premiums Trust Fund accounts) have been addressed with a view to granting formal Permission to Underwrite.
Post approval
Once the SIAB has begun trading we will follow up on any deliverables in a post approval action plan. In addition we will regularly review performance against the agreed SIAB success criteria and business plan.
Syndicate in a box applications will be assessed within three months without reducing standards by:
- Publishing qualifying criteria, guidance and templates on Lloyds.com and requiring that all information be submitted up front.
- Placing reliance on the sponsoring managing agent's attestation of compliance with Lloyd's minimum standards.
- Lloyd's Council annually setting the appetite for syndicates in a box. In 2020, a maximum of 2% of total market GWP can be written through syndicates in a box.
- Being transparent. The syndicate in a box application fee is £100,000, plus £52,000 for each new member. The difference between the syndicate in a box and syndicate application fee will be payable only if the SIAB applies to graduate to a full syndicate.
Glossary and acronyms
Glossary of insurance related terms used by Lloyd's and market participants.