Earlier this year Lloyd’s of London unveiled its transformation plan designed to simplify access to the global insurance market while lowering the costs of doing business and delivering higher quality risk protection for customers. Now one of the ideas set out in “The Future at Lloyd’s” has proven to be a hit.
Syndicate-in-a-Box – the goal of which is to encourage new, accretive, and innovative business and talent to come to Lloyd’s – has been well received, based on the number of applications filed with the centuries-old exchange. According to chief executive John Neal, the figure has amounted to 80.
The update was provided by Neal yesterday (November 12) at a conference, as reported by Reuters.
On its website, Lloyd’s promises the Syndicate-in-a-Box solution will make criteria adjustments so that smaller entrepreneurial businesses will find it easier and more capital-efficient to enter and trade at the world’s (re)insurance market for their first three years.
Benefits of the off-site offering also include an environment that facilitates testing and learning, as well as instant access to the Lloyd’s ecosystem. Meanwhile the same regulatory responsibilities and minimum standards will apply to the remote syndicates.