Lloyd's has finalised the new syndicate loan system that will change the way in which syndicates contribute to the market's central fund.
Under the new system, syndicates will pay a loan contribution of 0.75% of capacity and an annual central fund contribution of 0.5%.
Under the old system, syndicates paid an annual central fund contribution of 1.25% of capacity.
Lloyd's said the size of the loans payable would be reviewed annually. Market sources said the loans could increase to 2%-3% of capacity by 2008.
The loans will be paid in April 2005 and repayment will be at the discretion of the Lloyd's council.
The majority of businesses at Lloyd's backed the new loan system, the corporation said.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
