Lloyd's to take a risk-based approach for syndicate assessments from 2022

May 25, 2021

On May 21st, Lloyd’s of London released a Market Bulletin to inform the market of the 2021 process for agreeing 2022 Business Plans and Capital requirements. The bulletin highlighted that syndicates will face a differentiated, risk-based approach for approving 2022 business plans.

According to the bulletin, “Strategic Business Discussions (SBDs) will occur for all syndicates after the market message has been delivered, through June and July. These discussions will give Managing Agents the opportunity to present their prospective syndicate business plan, evolution of capital in light of risk profile and 3-year plan activities to Lloyd’s.”

The process will see syndicates who have had a poor performance record face a 90-minute interview with Lloyds, with standard syndicates meeting for 60 minutes and light touch syndicates meeting for a 30-minute assessment.

The bulletin also stated that the phased approach for business plan and capital submissions will continue for the 2022 process. Each syndicate will be given a specified return submission date based on capital structure and our risk-based approach. The ‘coming into line’ deadline is 30 November 2021.

Syndicates will follow one of four submission phases:

 

Syndicate Group

SBF Return Submission Deadline

LCR Return Submission Deadline

Phase 1

2nd September

6th September

Phase 2

13th September

16th September

Phase 3

20th September

23rd September

Phase 4

27th September

4th September

Lloyd’s pointed out that syndicates can submit before these deadlines.

While You Are Here

Did you know ViClarity work with a number of Lloyd’s organisations helping them automate compliance frameworks to the Lloyds Minimum Standards? ViClarity’s Lloyds Minimum Standard’s compliance tool helps organisations automate the collection and collation of Lloyd’s compliance data, saving clients, on average, 60% of their time.

To learn more about how our platform can streamline your compliance processes, click on the book a demo button below

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