Auction of Deceased Member's Capacity
We have been advised of the death of an unlimited member of Lloyd's. In these circumstances, Lloyd's has agreed that the capacity released by the member's death can be auctioned to existing members.
Hampden, as the deceased member's agent, will be conducting the auction, which will close at 1pm on Monday 7 January. Members advised by Argenta are invited to submit bids for all or part of the capacity listed below.
Members should be aware of the following.
- Capacity will be allocated according the usual auction rules. This means capacity being allocated to the highest subscriber first. If the highest subscriber does not bid for the entire capacity, any reminder will be allocated to the next highest subscriber (and so on).
- Subscriptions in pence per £1 of capacity may be to two decimal places (for example 9.99p per £1 of capacity).
- In the event of two or more subscriptions being made at exactly the same price, the capacity will be allocated to the earliest (by reference to time the email to Hampden) of the subscriptions.
- Members may only subscribe for capacity if they have sufficient surplus Funds at Lloyd's to accommodate the additional underwriting.
- Existing capacity cannot be dropped in order to accommodate any new capacity.
- Cash settlement for any successful subscriptions will be by 18 January.
- There is no fee charged to enter a subscription, nor a success fee charged to successful acquirers of capacity.