XBRL Tagging Services for filing Syndicate Accounts with Lloyd's.
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To file Lloyd's syndicate accounts in XBRL format, managing agents must utilize tools like Lloyd’s XBRL Reporter to generate tagged files from their financial statements, ensuring compliance with the new reporting framework.

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How to file in Lloyd's Syndicate XBRL accounts

why file in iXBRL

Preparation

  • Review the new pro forma accounts provided by Lloyd's and compare them to your current syndicate accounts to understand the changes needed.
  • Decide whether to tag the accounts in-house using tools like Lloyd's XBRL Reporter, or outsource the XBRL tagging to a third-party service provider.
  • Participate in the pilot testing phase in August-September 2024 to gain insights before full implementation.

Tagging and Submission

  • Tag the syndicate accounts using the XBRL taxonomy aligned to the account structure provided by Lloyd's.
  • Submit the iXBRL-tagged accounts via Lloyd's online portal by the deadline of September 30, 2024 for the 2024 year-end reports.
  • Also submit the Schedule 3 data (if applicable) in XBRL format along with the accounts.
  • Provide the Flash Report separately, initially in Excel format with commentary in any file type.

Key Dates

  • Pilot testing phase:
    August-September 2024 using Q4 2023 data
  • Submission deadline:
    September 30, 2024 for 2024 year-end reports
  • First reporting period:
    Accounts for the year ending December 31, 2024

By following these steps and adhering to the provided timelines, Lloyd's syndicates can successfully transition to filing their accounts in the new XBRL format starting in January 2025. The process aims to enhance data accuracy, comparability and efficiency across the Lloyd's market.

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