Headed up by former Barbican boss David Reeves, it will offer new clients a legacy-free ‘plug and play’ solution 

Lloyd’s Council has granted ‘in principle’ approval to Lime Syndicate Management, established solely to provide management services for third-party syndicates. It is headed up by David Reeves, the former group CEO and deputy chairman of Lloyd’s insurer Barbican (now Arch).

Lime SM’s in-house technology solution, JUICE, provides a  legacy-free ‘plug and play’ solution for the efficient operation of new client syndicates.

The cloud-based solution automates processes and workflows, streamlining regulatory reporting and providing real-time data to support managing agent and syndicate strategies and performance management.

“There are currently a number of managing agents providing an excellent range of services to new, third-party syndicates,” said Reeves, CEO of Lime SM, “but we felt we had an opportunity to take a different approach and harness the benefits of technology in a new way, representing what we feel is the future of cost-efficient and effective syndicate management.”

Lime SM is now progressing its application with the PRA, while actively looking to work with new underwriting propositions eager to be part of the Lloyd’s market.

“We are committed to supporting sustainable new businesses at Lloyd’s and to enable emerging and diverse talent to contribute to the profitable growth of the market,” added Reeves.