Interest in Lloyd’s syndicates is growing—and Lloyd’s wants that

Interest in participating in Lloyd’s is much higher this year than it was in 2023 and it is perhaps no coincidence that the market has signalled it is more receptive to growth than ever before.

That’s the view of PoloWorks chief executive officer Paul Andrews, who argued that Lloyd’s is increasingly accommodating to new entrants. 

Andrews, whose company provides access to Lloyd’s through turnkey syndicate and managing general agency services, told Monte Carlo Today: “Interest in Lloyd’s in 2024 has far exceeded anything I saw in 2023. There has been a complete shift on people looking at Lloyd’s and including it as part of their growth plans. 

“They are on a growth journey, and they need new entrants to do that.”

“Lloyd’s recognises that they want to grow and they’re looking at businesses as a franchise. Where they can, they will be as accommodating as they can to people starting up at Lloyd’s. They are on a growth journey, and they need new entrants to do that. 

“It can’t be just the existing players. They need some new blood to come in and grow. I think Lloyd’s is a lot more receptive to growth than before.” 

Andrews said growth was coming from a mix of new entrants, the growth of existing players and through technological innovations, all recognising that this was a “great way to gain access to markets”. 

“We are seeing a fair number of overseas markets writing a chunk of business,” he said. “It is not just UK-domiciled businesses, it’s businesses from around the world who see the benefit of operating out of a Lloyd’s platform.”

This included several US domestic insurers actively pursuing business plans and capital. This could lead to a wave of launches in 2025. 

PoloWorks has been on a growth journey, Andrews said. Since being bought by Marco Capital in 2022, the company has expanded rapidly. Polo Managing Agency had one syndicate under management when he joined as CEO in early 2023 and was working on another. Since then, it has added four more syndicates, for a total of six, and is working on two more.

Andrews said the company’s unique selling point is that it does not simply provide a turnkey service, but offers ongoing support to syndicates and can offer a bespoke service to meet clients’ needs. 

This can range from startups to existing insurers who want to transfer capital to a Lloyd’s vehicle. 

“Underwriters starting a business need to focus on bringing capital in and underwriting risk, not the administrative aspects of the syndicate. If you’re trying to build a business and your job is underwriting, then your job is not administration,” he concluded.   

For more news from the Rendez-Vous de Septembre (RVS) click here.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.