Lloyd's first capacity auction for 2002 will start on 17 September.
The auction process allows members to transfer all or part of their right to underwrite for the 2003 year of account. Two further auctions are planned for 1 October and 10 October.
Members enter the auction by putting forward a tender bid in multiples of 0.1p per pound of capacity that the tenderer is prepared to accept. A minimum acceptable price is usually set, known in the market as the "floor limit".
Lloyd's has also a date for a limited auction to be held in December for the sale of capacity held by any members who die on or after 1 September 2002.
