Currently the Lloyd's market offers an entrée to the global insurance and reinsurance market with instant access on authorisation to:

• A common 'A+' security rating backed by the resource of the New Central Fund
• Over 120 overseas territory licences
• Access to the complete London Market infrastructure (e.g. international broker market, claims and processing bureaux)
• Capitalisation of underwriting by means of a Letter of Credit

However, the barriers to entry, particularly in terms of regulatory approvals are severe with authorisation for a new Managing Agent requiring both Lloyd's and FSA consent. Insurers who wish to participate in the Lloyd’s and London market and access business there, are sometimes, deterred by the stringent regulatory hurdles and the extensive and specialist management skills that need to be assembled from a limited pool of talent to support an independent managing agent structure. Having assembled the right team there is then a lengthy process of obtaining the right Lloyd’s and FSA consents and the overhead of managing from head office the local Lloyd's team.

Spectrum has successfully established 2 new syndicates at Lloyd's, 2112 and 5151, as well as 2 new corporate members providing dedicated capital. Syndicate 5151 was managed by Spectrum under a turnkey arrangement for 2008 but has now transfered to its own managing agent with effect from 1/1/09.

Spectrum has a full Lloyd's managing agent infrastructure in place providing expertise in financial, legal, compliance and actuarial areas. This established resource enables Spectrum to organise and manage the setting up of dedicated corporate members supporting a stand-alone syndicate for specific third party capital providers who wish to access the Lloyd's franchise.

Spectrum will consider providing the Managing Agent wrapper for third party capital providers who fulfil the following criteria:

• Demonstrable underwriting track record over 5 years
• Sustainable non-cyclical business volumes
• Underwriting for net account; not reinsurance reliant
• Experienced team with credible CVs

For further information contact: newbusiness@spectrumins.com