Turnkey Management and Capital Support
strategy | innovation | expertiseR&Q Managing agency has Lloyd’s approval to act as a “Turnkey” managing agent to new entrants.
We currently manage a Marine and Offshore syndicate for Skuld, an established Scandanavian insurer.
Assistance can be provided from initial planning discussions with Lloyd’s, syndicate establishment, management and operation and ultimately the creation of the client’s own managing agency.
R&Q Managing Agency draws upon the skills and experience of a dedicated Lloyd’s team, supplemented by the full complement of resources within the R&Q group required to manage a Syndicate at Lloyd’s. These include underwriting processes and support; establishing a ‘box’ at Lloyd’s (if required); actuarial; reinsurance; broker appointment; financial management and reporting; IT resources; claims handling and Lloyd’s processing; compliance; risk management and audit. R&Q will review the full range of activities that a new entrant requires and from this ‘menu’ tailor the services to meet specific client needs.
R&Q can help the client build its own Managing Agency capabilities with mentoring, training and recruitment so the journey is a smooth one towards the establishment of the client’s agency and the migration of functions to the client. The Group provides liaison with IT system providers so each client’s data is captured and processed according to both Lloyd’s requirements and the client’s needs.
After migration to the client’s own Managing Agency, R&Q can also provide on-going syndicate support services if required.
A Turnkey Managing Agency is attractive to three main groups:
- Underwriter teams, where new business can be brought to Lloyd's
- Existing insurance operations, whether UK or overseas, seeking a LLoyd's platform
- Capital investors seeking to build insurance operations.
R&Q also as the capacity to provide underwriting capital support to new syndicates in addition to management functions. Where appropriate, we will also consider supplying start-up capital to individual underwriting teams.
Robin McCoy (UK) - robin.mccoy@rqih.com