Imagine a world in which high performing firms have fast-track access to underwriting at Lloyd’s in a way that brings innovation to the whole market

I am the head of a US-based provider of specialist cyber insurance. We had been thinking about underwriting on the Lloyd’s platform for a while but when I looked into it, the only option to join was as a Lloyd’s managing general agent.

That didn’t work for me – I wanted to be able to write my own risks on my own account. So I left it. Later on, I heard about Lloyd’s new Syndicate-in-a-Box option, which has made joining the market much easier and more cost-effective for new, innovative entrants.


Having just gone through the process and got approval to work as a “remote syndicate” at Lloyd’s, I can say Lloyd’s has worked hard to enable innovators like me to be part of the market. The joining process is fast, streamlined and digital, and it’s much easier to bring capital to market and attach it to risks. Capital providers are matched with risks or syndicates based on pre-set preferences, so I can find the 'patient' capital I need to grow. Syndicates like mine can set up remotely, which means I avoid the expense of setting up an office in London. We place risks electronically and can access all the data and services available in the Lloyd’s ecosystem.


It costs less to operate at Lloyd’s than it used to, too. The Syndicate-in-a-Box model means I can buy centralised services from other market participants or third-party providers that my company can’t or doesn’t want to carry out – functions like HR, payroll, reporting and claims. As we grow, we can outsource more of these services or bring them in-house as we want. Everyone benefits from these lower costs – not least customers, who see better premiums as a result.


The other benefit we get from Syndicate-in-a-Box is access to Lloyd’s Centre for Innovation, a centralised hub of both Lloyd’s market and third party data and insights. We combine these with our own expertise, insight and innovation to create better products and, by offering these through Lloyd’s, bring something new and additional into the market.


Because of our increasing expertise and innovative underwriting, I expect to increase our business in Lloyd’s and sell our products internationally through its global licence network. I hope our positive experience of using Syndicate-in-a-Box will encourage others to bring their innovations and expertise to Lloyd’s, and help us shape cyber underwriting in the market and throughout the world.



We need to continue building an innovative culture and increase the breadth of coverage available to customers.

Will creating opportunities for innovative firms to enter the market and to operate efficiently enable this?

How could we do this even better?