Fees and charges

For 2026, Alpha charges a fixed fee of £6,800 plus 0.5% of the member’s overall premium limit (OPL) advised by Alpha, subject to a maximum fee of £45,000 for members underwriting up to £10m.

For members writing in excess of £10m, a fixed fee of £6,800 plus 0.5% of a member’s OPL advised by Alpha will apply with no maximum, but this fee may be negotiable.

For any increase in a member’s OPL during the course of the year, Alpha will calculate the adjusted fee on the above basis for the increased OPL, pro-rated for the number of months of trading.

An annual Consumer Price Index (CPI) adjustment will be made with reference to the fixed fee and the movement in the CPI over the previous 12 months.

No profit commission is charged by Alpha to any member.

For members also underwriting through another members’ agent, 0.3% of the OPL allocated by the other agent will be charged as a co-ordinating fee.

Members employed in the Lloyd’s market will be offered a discount of 10% of their annual fee.

A group of members (either through common ownership, family or other groups) may be able to receive a discount on the agency fee if they appoint a single spokesperson for the group.

A winding-up fee equivalent to the highest annual fee payable to Alpha in respect of the last three years of account is payable following death or resignation of a member.

A syndicate transaction fee of up to 3% of proceeds may be charged per transaction (which includes a syndicate cash or share offer).

A fee of £5,500 is charged for setting up a new LLP or NameCo. This charge will cover the Fidentia application and set-up fees and any initial financial and tax advice given by Duncan & Toplis. This fee will not cover Lloyd’s application fees which will be collected by Lloyd’s separately and are detailed below.

Administrative charges are also levied for any subsequent changes to the structure of a vehicle.

For sellers of limited liability vehicles, a fee equivalent to the highest annual fee payable to Alpha in respect of the last three years of account will be charged to cover dealing with enquiries from solicitors and the administrative work connected with the sale.

For 2026, Fidentia charges an annual fee of £3,400 plus VAT for the administration of NameCos and LLPs.

A separate re-charge is made by Fidentia for obtaining the data from Lloyd’s necessary for the preparation of the LLV’s accounts in accordance with Schedule 3 of the Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008. Fidentia obtains this information from Lloyd’s at a discounted fee. The fee for a member underwriting less than £2.0m is currently approximately £130 plus VAT and there is a sliding scale for members writing more than £2.0m up to approximately £530 plus VAT.

Where a LLV has a holding company there is an additional annual fee for producing company and consolidated accounts, corporation tax return, annual confirmation statement and audit starting at £4,600 plus VAT for a non-complex one.

Where a LLV holds an investment portfolio and for LLPs with a mixed member ownership structure, there is an extra charge of £275 plus VAT per annum for accounting.

Fidentia will charge a fee of £750 plus VAT for the administrative work carried out by them during any sale process.

Fees will be reviewed on an annual basis.

The administrative unit of The Corporation of Lloyd’s that handles members’ affairs is called Member Services (MS). MS charges application fees for a new LLV depending on the structure of the LLV being set up. Lloyd’s charges £1,000 per “prospect” i.e. new individual, company or other entity in the structure of the LLV. As an example, if a new corporate member (prospect 1) is set up with a company as 100% controller (prospect 2) and is owned by two individual controllers (prospects 3 and 4) and two new directors (prospects 5 and 6), the total prospect fee would be £6,000.

MS also charges annual fees to both NameCos and LLPs. These fees cover various trustee, regulatory and tax preparation charges. For a simple LLV, the charges normally amount to around £5,000 per year to cover custodianship of FAL assets and tax preparation. There are additional charges for each underlying participant for LLPs (£525 for each additional LLP member), third party FAL providers (£325 per TPFP) and US resident LLV participants (£800). Only the tax charges are subject to VAT.

Lloyd’s charges for the application for approval to make any subsequent changes to the members or participants of a LLP, to the controllers or directors of the NameCo or to third party FAL providers. A fee of £2,000 will be charged to change the control structure of a member or to approve a third party FAL provider and in addition, a “prospect” fee of £1,000 will be charged for each new individual, company or other entity in the structure.

Citibank, the new custodian for all FAL, levy cash and custodial charges.

Deducted at source within the calculation of syndicates’ underwriting results are also members’ annual Lloyd’s subscriptions and contributions to the Central Fund, charged at 0.36% and 0.35% of total gross written premium respectively for 2025.

All costs are treated as a business expense and are, therefore, tax deductible (including FAL fund managers’ fees).