Background.
Lloyd’s Council has recently granted ‘in principle’ approval to our client, Lime Syndicate Management, to become the newest Managing Agent and one with a fresh approach to the management of third-party syndicates.
Our client, Lime Syndicate Management, gets ‘in principle’ approval from Lloyd’s.
How did r10 help.
r10 have been working with Lime for several months to capture and define their technology target operating model (TOM). Their TOM will feed directly into the creation of Lime’s technology platform, JUICE, allowing them to provide syndicate management services cost-efficiently with cutting-edge technology. r10 have leveraged our extensive knowledge in this space and called upon our ecosystem partners to form the working components of the JUICE platform, with r10 implementing the end-to-end solution for our client. r10 supported Lime with their submission to Lloyd’s, providing guidance, creating content, and presenting a technical demonstration to Lloyd’s stakeholders.
This ‘in principle’ approval is an important step in Lime’s journey to full approval. Lime is looking forward to working with prospective syndicates, and in partnership with r10 and our partner ecosystem, adapting the JUICE model to syndicates’ particular requirements.
Gregor Penman, Manager at r10 said:
This is really exciting progress in Lime’s roadmap to full approval. Lime’s business model is looking to be a catalyst for change in how managing agents deliver oversight and provide services to syndicates. Also, with many of our ecosystem partners engaged in forming the various components of Lime’s technology platform, the implementation will be the first opportunity for us to put the ecosystem to work to its full potential – proving that the whole is greater than the sum of the parts.
John Keen, Lime’s Chief Commercial Officer, said:
r10 and its ecosystem partners have been instrumental in developing Lime’s unique technology solution. We believe it represents the future of third-party syndicate management at Lloyd’s.
About Lime Syndicate Management.
Lime, a cost-efficient, technology-led managing agency, providing a distinctive, differentiated and client-centric service offering to new third-party syndicate propositions. Lime’s purpose is to support sustainable new businesses at Lloyd’s and to enable emerging and diverse talent to contribute to the profitable growth of the Lloyd’s market.