Key criteria for all new syndicates will be:
Introducing new underwriting expertise/ innovation, developing talent, maintaining Lloyd's strong underwriting discipline.
Adding value to Lloyd's offering with consistent profitable results.
Broadening new and existing Members' access to potential policyholders in new and emerging markets.
Strategy / Rationale
New syndicates must have a credible strategy and rationale for establishing an underwriting business at Lloyd’s; reasons will include unique selling points / niche business / opportunity.
Strong Business plan
Syndicates should be profitable and produce consistent underwriting returns whilst also acting within the Lloyd’s Franchise Guidelines (exposure metrics for catastrophe and line sizes)
Syndicates need to demonstrate access to experienced underwriters with a successful track record. They need a resource plan that includes suitably qualified staff for major roles (e.g. underwriting, claims, actuarial) and which sets out any outsourcing strategy.
Syndicates need to comply with Lloyd’s Minimum Standards. They need to show delivery of operational and expense efficiencies.