Lloyd’s of London has granted in-principle approval to Lime Syndicate Management, in what will be the first managing agency in the market since the Reconstruction & Renewal scheme in the mid-1990s, established solely to provide management services for third-party syndicates.
The business is led by David Reeves who, from 2007 to 2019, was group CEO and deputy chairman of Barbican.
Lime Syndicate Management technology solution JUICE provides a cost-effective, legacy-free ‘plug and play’ solution combining all the required components for the efficient operation of new client syndicates.
It automates processes and workflows, streamlining regulatory reporting and providing real-time data to support managing agent and syndicate strategies and performance management.
There are currently a number of Managing Agents providing an excellent range of services to new, third-party syndicates, but Lime SM had an opportunity to take a different approach and harness the benefits of technology in a new way.
The team at Lime SM are now progressing their application with the PRA, but are actively looking to work with new and innovative underwriting propositions eager to be part of the Lloyd’s insurance market.