We audit 15 Lloyd's syndicates and act as consultants to many more that represent 25% of the live managing agents currently operating in the market. Our syndicate expertise has been obtained over many years of working in the market across a variety of syndicate types in all sectors. In this market we find we are in our element as clients appreciate the knowledge and time spent with the senior members of the team - in the Lloyd's environment, knowledge of the market and knowledge of the business is paramount.
Assistance with IFRS
When a Lloyd's group were converting their group financial statements to comply with IFRS they asked us to help. We were able to dedicate senior people at short notice to provide technical assistance and practical advice to get the financial statements out on time. By working closely with client staff we were able to rapidly implement the transition and guide the client in the information gathering process. The client finance team was therefore able to focus on the overall quality of the statements, rather than the detail. The result was a high quality product that really communicated the key aspects of the business to the shareholders.
We have assisted several syndicates in their compilations of risk registers and reviews of the effectiveness of the operation of their controls. This has in turn assisted in evaluating capital requirements to meet the risks identified.
Formation of new syndicate
We gave advice and assistance to a client who was forming a new syndicate and managing agent. With our help, the application to the FCA and to Lloyd's progressed smoothly. We were also able to suggest a group structure which suited the client and was efficient from both a taxation and operational view point.