Market

London market reinsurance: Lloyd's placing, MRC, managing agents, 1/1 and 1/7

London is a placing market: Lloyd's syndicates, the company market, MRC slips, managing agents, and 1 January plus 1 July treaty seasons. Reinsured.AI is software for those files, not an office at Lloyd's. This page is how packs, written lines, and bordereaux fail in EC3, and why a cited field beats a summary.

London still places by written line. A broker takes a pack into Lloyd's and the company market. Managing agents underwrite for syndicates. Company-market underwriters write on their own paper. The Corporation of Lloyd's sets market rules; the PRA and FCA supervise UK firms. None of that sentence is a Reinsured.AI address. We do not occupy a box in the Room, and we do not list Lloyd's, 1 Lime Street, EC3R 6DQ as if it were ours.

Placing customs are specific. Leaders write first. Following markets often follow the leader's terms, not a parallel negotiation. Lines are percentages of a whole. Stamp and reference matter. Electronic placing sits beside paper MRC habits. If two versions of the zip went out — one before the Docklands warehouse was added, one after — you have two placements pretending to be one. The brokers hub is the outbound view of that mess. This page is the London-market view: MRC, managing agents, 1/1 and 1/7, and the files those seasons consume.

A managing agent is not a syndicate. The agent runs the syndicate's underwriting, claims, and administration. Bordereaux arrive for the syndicate year of account. If you post a 2026 line to a 2025 stamp because the covering email said "same as last year," the year of account is wrong. Software that cannot cite the stamp, the year, and the share from the MRC is not helping the managing agent's ops team. It is generating a paragraph.

MRC, slips, and written lines

The Market Reform Contract is the London placing document. It is a structured slip: insured, period, interest, limit, excess, conditions, broker, and the line that each market writes. Facultative reinsurance lives or dies on that instrument plus the SOV and the loss run. Treaty reinsurance in London still starts with a slip or MRC and ends as a wording the accounts team must administer.

Typical documents in a London pack:

• MRC or slip with written lines, or a draft with no lines yet
• Schedule of values that can be summed
• Loss history with an as-at date
• Wording excerpts: hours clause, exclusions, occupancy, claims cooperation
• For treaty: proposed wording, structure diagram, subject premium, large-loss listing, CAT narrative as a document
• After bind: certificate or signing table, then premium and claims bordereaux

The Submission Agent is the inbound job: mailbox of slips, SOVs, and loss runs to a pack with a chase list. Humans still write the line. A fluent summary of the MRC is not a line.

If the MRC says ACME Construction Ltd, period 1 January 2026 to 31 December 2026, occupancy contractors all risks, limit GBP 10,000,000 any one occurrence, and the SOV at acme.example lists a Silvertown warehouse that is not on the interest, that warehouse is a conflict. Do not average it into TIV. London following markets who receive a different SOV than the leader are not following. They are quoting a different risk.

1 January and 1 July

London treaty time is not a continuous feed. 1 January is the main property and casualty renewal. 1 July is the mid-year season, often US property and other programmes that did not close at 1/1, or that were always a 1/7 incept. Monte Carlo and Baden-Baden sit on the calendar before those dates; they are meetings, not binds. See events for operator briefings. Do not treat a conference badge as a signed MRC.

The ops failure at 1/1 is a pile of versioned wordings, each labelled Final. Extraction has to pull attachment, limit, reinstatement, hours, and territorial scope from the PDF that will actually be signed, with spans, then compare to last year's cited fields. A model that says "broadly similar to expiring" has not renewed the treaty. A table of fields with both pages has.

The ops failure at 1/7 is mixing seasons in one inbox. A 1/1 quota share endorsement and a 1/7 cat XoL for the same cedent are two contracts. Posting both to "ACME 2026" because the broker email used one subject line is how recoveries get argued twice. Reinsurance AI is the operations map for keeping those jobs separate.

Documents the Room actually sees

Bordereaux in London are still Excel and PDF, still late, still in a different currency than the MRC. Premium bordereaux must map to the syndicate year and the share written. Claims bordereaux must map to the same interest and the same event definition the hours clause named. If the cedent reports in USD and the MRC is GBP, the rate as-at is a field or a gap. Inventing a mid-market rate to close the month is an accounting story, not extraction.

Line slips and open covers have their own documents: the cover wording, the declaration bordereau, the remaining limit. A declaration that exceeds remaining capacity is an exception, not a rounding item. Binding authorities add coverholder reports. Those are still bordereaux against a wording.

Claims files at Lloyd's still produce FNOL emails, adjuster reports, and recovery narratives. The claims job in this product is matching those documents to the layer, not running a consumer chatbot. If the MRC hours clause is 72 hours and the loss run splits a wind event across five days without an event code, you have a gap. Flag it.

ACME Construction Ltd in a London pack

Walk a fictional file. ACME Construction Ltd, domain acme.example, contractors all risks, seeking GBP 10,000,000 xs GBP 2,000,000 in the company market and a following line at Lloyd's. The MRC names three City of London sites. The SOV adds a Silvertown warehouse. The loss run has no as-at date. The hours clause is missing from the scanned wording excerpt.

That pack is sendable only if you want the leader to price a fight. Usually you chase the hours clause and the as-at, and you resolve whether Silvertown is on cover, before you ask for a stamp. The public pack inspector uses a sample in that spirit. Production ingest is tenant-scoped.

The illustration of a London broker placement, labelled as an illustration and not as customer proof, is London market broker placement. Believe a file you can inspect. Do not believe a win-rate on a case-study page.

What this page will not claim

It will not put Reinsured.AI at Lloyd's EC3R 6DQ. It will not publish an ROI percentage. It will not display syndicate logos. It will not invent PRA or FCA permissions. Managing agents remain responsible for underwriting, reserving, and Lloyd's returns. Software can extract the MRC share, show the SOV conflict, and list the missing hours clause. It cannot write the line.