Lloyd’s capacity Auctions - Auction Newsletter No2
27 October 2017
Relevant information – Disclosure notification to the Auction Office
The following Disclosure notices have been posted on lloyds.com since Auction Newsletter No1 was published on 20 October 2017.
D2017001 – D2017009
These notices are available in the disclosures section of the capacity auctions website page:
The Auction Official made the following announcement on Tuesday 24th October:
On 24 October 2017 Tokio Marine Kiln notified Lloyd’s that it intends to cease accepting new or renewal business on behalf of syndicate 308 with effect from no later than 31 December 2017. This notification has been submitted to Lloyd’s pursuant to schedule 4, paragraph 1 of the Major Syndicate Transactions Byelaw (Syndicate Cessations) and is subject to approval by the Lloyd’s Capacity Transfer Panel. As a result of receiving this notification, Lloyd’s has decided to withdraw syndicate 308 from the 2017 capacity auctions. The decision to withdraw the syndicate from the auctions is taken at the discretion of the Auction Official under the Auction Rules.
Opening Stakebuilders report
The report shows the percentage of capacity a member holds on a syndicate if 25% or above. Also detailed is the percentage of capacity held by members connected to the syndicate. This report will be updated after each auction and published on lloyds.com with all the auction reports.
Syndicate Constitution files (SC files)
The electronic ‘Syndicate Constitution’ (SC) files will be available for all Managing Agents of unaligned syndicates to download from the Stamp system website (https://stamp.lloyds.com) on the dates specified in the Managing Agent Stamp & Auction timetables.
Notification will be emailed when these files are available. Kindly advise if your contact has changed since 2016.
Auction 1 - Reminder
Auction 1 will be held on Tuesday 31 October and Wednesday 1 November.
The Auction system will be open for bid submission at the following times:
Tuesday (Day 1) from 9am until 1pm
Wednesday (Day 2) from 10am until 2pm
Bid Staging & Submission
The auction office will be opening Auction 1 for Issuers to prepare and stage their bids from 10am on Monday 30 October ahead of the live auction being opened at 9am on Tuesday. We would suggest that all Issuers ensure that they can access the system before Monday, even if they do not plan to stage any bids in advance. Link to the Auction system: https://auction.lloyds.com
If you have any problems accessing the system, please contact the auction office as below.
Bids – minimum bid price change
Reminder - Auction bids can be made to 2 decimal places and as per the Auction Rules 2017 paragraph 8 (6), the minimum Floor Limit and minimum Subscribers’ Premium is 0.10p per £1 of capacity.
Pre-emptions / De-emptions
The details given are of confirmed pre-emptions approved by Lloyd’s Performance Management Directorate in respect of syndicates participating in the Auctions.
Please note: this is for information only. The necessary data on confirmed changes has been forwarded electronically by Lloyd’s Market Services to the relevant Members’ Agents to update their systems accordingly.
Auction Office contact details:
Sally Dunning 01634 392486, Claire Sheahan 01634 392904 or Graham Bonner 01634 392056