Application process and guidance
Syndicate Application Process:
Likely duration of application: 6-8 months
A new entrant application starts with a discussion with the Business Development Team (new entrants). This initial discussion will validate the opportunity. The new entrant may then be invited to present a High Level Pitch to the Business Opportunities Committee (BOC).
If the High Level Pitch gets positive feedback from the BOC, then we will arrange a Detailed Plan Presentation (DPP) by the syndicate to the BOC. If the DPP is successful, the syndicate will be asked to submit a Syndicate Business Forecast (SBF) for Lloyd’s review. The SBF has to be submitted by the syndicate's chosen managing agent.
Review and approve
Lloyd's review of a new business plan and capital assessment involves multiple teams. The New Entrants’ team will liaise across all Lloyd’s teams to co-ordinate the review. The Capital Planning Group (CPG) will undertake an initial review of the SBF and highlight any areas requiring development. CPG will also consider and agree an indicative capital assessment as modelled by Lloyd's. The BOC and Lloyd’s Council will review the proposal with the aim of securing “in principle” approval.
Making it Happen (MiH)
After the Council has granted “in principle” approval of the new syndicate, then a Minimum Standards review will take place along with establishing defined operational and administrative deliverables e.g. legal agreements, bank accounts, corporate member application, lodging capital (Funds at Lloyd's, or FAL). When this work is satisfactorily completed the BOC will be asked to grant “Permission to underwrite”.
Once the syndicate has begun trading we will follow up on deliverables that will have been clearly set out in a post-approval action plan. We will regularly review how the business is performing against the business plan, Lloyd’s Minimum Standards and Lloyd’s Guidelines.