Lloyd’s capacity auctions
Transactions permitted in the fourth auction under Auction Rule 4
Transactions generally permitted
Following the approval by Lloyd’s during October 2013 of the relevant unaligned syndicate business plans for 2014, it has been determined that transactions will be permitted in the fourth auction to be held on 12 and 13 November 2013 in capacity on the following syndicates:
Canopius Managing Agents Limited – 260
Jubilee Managing Agency Limited - 779
Asta Managing Agency Ltd. – 2525
In the case of syndicate 2525 the syndicate business plan approved by Lloyd’s contained material changes, as defined in paragraphs 4(4)(b)(ii), 4(4)(b)(iv) and 4(4)(b)(v) of the Auction Rules 2013, from the equivalent information communicated to members’ agents and direct corporate members on or before 15 September 2013.
It has been agreed that transactions will be permitted in the fourth auction in capacity on syndicates 260 and 779.
There is no other capacity included in the fourth auction.
Tender and Subscription Orders
Members and prospective members of the above syndicates are permitted to tender any or all of their capacity on those syndicates in the fourth auction.
Auction Rules 7(4)(b) and (c) generally prohibit members from tendering and subscribing for capacity on the same syndicate in the same year. In the context of any proposed transaction for permitted syndicates in the fourth auction, members, their advisers and issuers are reminded that such prohibition will not apply.
The deadline for disclosures for the fourth auction is midday on Friday 8 November. The managing agent of each syndicate included in the above list is expected to give very careful consideration as to whether it is appropriate to issue a disclosure to set out the reasons for the inclusion of that syndicate in the fourth auction.
Head of Legal & Compliance and Auction Official
Telephone: +44 (0)20 7327 6170