Lloyd’s Council has granted ‘in principle’ approval to Lime Syndicate Management to be the first managing agency in Lloyd’s since Reconstruction & Renewal over 25 years ago, established solely to provide management services for third-party syndicates.
A statement from Lime SM said that its 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.
David Reeves, CEO of Lime SM, said: “There are currently a number of Managing Agents providing an excellent range of services to new, third-party syndicates, but we felt we had an opportunity to take a different approach and harness the benefits of technology in a new way, representing what we feel is the future of cost-efficient and effective syndicate management.”
He added: “We are committed to supporting sustainable new businesses at Lloyd’s and to enable emerging and diverse talent to contribute to the profitable growth of the market.”
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 market.