There are currently five ways a business can participate in the Lloyd’s market, and Google is reportedly taking the captive syndicate route to mark its entry.
In-principle approval has been granted, according to The Insurer, which cited managing agent Apollo as among those involved. Google is reportedly holding discussions with the managing agent and the centuries-old insurance marketplace to launch its Lloyd’s captive.
According to Lloyd’s, market participants have the following options:
The captive syndicate option is a new one, with the guide for applicants published in January 2023. It suits those who wish to underwrite either their own risks or risks that they partially control.
Citing some of the benefits, Lloyd’s notes on its website:” [It] allows the captive owner to write cross-border business in 80 countries without the need for fronting partners, reducing variable cost.
“Subject to local regulatory requirements, this can be on a single policy written out of London – complemented by Lloyd’s subsidiaries where required (Europe, Japan, and China).”
It is also highlighted that Lloyd’s captive syndicates can set their own policy wordings, retentions, and structures, provided they meet Lloyd’s requirements.
The application fee to become a Lloyd’s captive syndicate is £100,000.
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