Syndicate

• 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 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 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.

• 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.