ERS Syndicate Management Limited

Managing Agent Name: ERS Syndicate Management Limited

Subject: Solvency II

Syndicate(s) Affected: Syndicate 218

As previously advised to members’ agents, Syndicate 218 is currently rated Red by Lloyd’s in terms of its readiness for Solvency II. Members’ agents will already be aware from Lloyd’s guidance that a red or amber rating will result in prudential measures being applied, impacting upon capital requirements for Names for the 2015 underwriting year of account.  The  final rating of the syndicate will be heavily dependent upon Lloyd’s assessment of its recently submitted SCR and Internal Model Validation papers, as they relate to compliance with relevant tests and standards for Solvency II. Any improvement in the syndicate’s rating will also depend upon Lloyd’s concluding that ERS will be successful in closing any identified gaps between now and the end of the year. ERS management is firmly of the view that its plan to address these issues is both comprehensive and appropriately resourced and is confident that Syndicate 218 will be fully compliant by the end of 2014. The next Lloyd's feedback on progress made by Syndicate 218 is due on 9th October

Date issued: 26 September 2014


Contact Information

Agency contact name: Peter Merrett; Syndicate Compliance Officer

Agency contact no: + 44 (0)1277206589 


For auction office use only: D2014005

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