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Methods of Investment

New investors must do so on a limited liability basis

Invest through a Nameco (limited company) or a Limited Liability Partnership (LLP) structure

Decision to set up a new or buy an existing LLP or Nameco?

Limited Liability Vehicles (LLVs)

All new investors in the Lloyd’s market do so on a limited liability basis.

Alpha will help a prospective investor make a decision on the most appropriate underwriting vehicle. This will be either a Limited Company (NameCo) or a Limited Liability Partnership (LLP). Either can be purchased or created afresh.

NameCo or LLP?

The choice of a LLP or a NameCo will depend upon the circumstances of each prospective investor.

Key issues that are taken into consideration are: tax, funding, flexibility and future ambitions (see our brochure).

Broadly speaking, a LLP retains a separate legal identity from its partners (the individuals or companies) but is subject to personal taxation. A NameCo is subject to standard corporation tax rules.

Overseas investors must do so through a UK domiciled vehicle.

Our new investors decide upon the most appropriate underwriting structure after consulting with our joint venture partner, Duncan & Toplis.

Create or Purchase?

A new vehicle has no legacy from previous years of account. Given that capacity in the October/November auctions can be illiquid and prices can be difficult to predict, there is the potential for an unbalanced portfolio and cash flow will also be delayed (due to Lloyd’s three year accounting methodology). Any documentation for the creation of a new vehicle must be submitted to Lloyd’s before mid-September, prior to commencing underwriting the following January.

Existing LLPs and NameCos are advertised for sale on our website. Vehicles are valued based upon the previous year’s auction prices and the latest syndicate midpoint forecasts for the open years. No value or liability is attributed to the current underwriting year. Bids may be submitted at a premium or a discount to the valuation. Purchasing an existing vehicle allows for immediate underwriting cash flows, the potential to select a balanced portfolio (any unwanted syndicate capacity can be sold or dropped at the next auctions) and a more flexible timescale. For these reasons, this is the most common entry method for Alpha’s new clients.