Managing Agent Name: Managing Agency Partners Limited
Subject: Connected Person – MAP Capital Ltd
Syndicate Affected: S2791
MAP Capital Ltd
MAP Capital Ltd is a corporate member through which certain third parties, and some staff of Managing Agency Partners Limited, participate on S2791. MAP Capital Ltd also controls capacity to underwrite on S2791 for the benefit of all shareholders; such capacity is referred to as ‘own account underwriting’.
MAP Capital Ltd is not directly owned or controlled by Managing Agency Partners Limited however there are directors and owners in common and so MAP Capital Ltd is considered a ‘connected person’ within the context of the Lloyd’s capacity auction framework.
From time to time, MAP Capital Ltd may participate in Lloyd’s capacity auctions as a tenderer or subscriber of capacity in respect of S2791 in accordance with the instructions of its third party shareholders. All such auction transactions are carried out by MAP Capital Ltd on an ‘execute only’ basis.
Should MAP Capital Ltd receive instructions to tender or subscribe capacity in respect of a shareholder who is a member of staff of Managing Agency Partners Limited, we would consider applicable auction guidelines at that time and, if appropriate, make a specific auction disclosure.
‘Own Account Underwriting’
The Board of MAP Capital Ltd has determined to reduce the level of ‘own account underwriting’ which the corporate member supports from undistributed assets.
Accordingly, MAP Capital Ltd will tender up to £1m of S2791 capacity in the forthcoming auctions.
Date issued: 22 October 2018
Agency contact name: Paul Langridge / Anne Mount
Agency contact no: + 44 (0)20 7709 3860
For auction office use only: D2018006
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