Managing agents and syndicates must file their Lloyd's syndicate financial accounts and Schedule 3 data in XBRL format starting January 2025. This standardized reporting enhances efficiency, accuracy and compliance within the Lloyd's market.

Who should file in Lloyd's Syndicate XBRL

Managing Agents

Managing agents are responsible for preparing and submitting the XBRL-tagged syndicate accounts on behalf of the syndicates they manage. Key responsibilities include:

• Deciding whether to tag accounts in-house or outsource to a third-party provider
• Ensuring accounts are prepared using the new pro forma template with minimum disclosure requirements
• Submitting the iXBRL-tagged accounts via Lloyd's online portal

Syndicates

While syndicates themselves do not directly file the XBRL reports, they are impacted in the following ways:

• Syndicates must provide the necessary financial data to their managing agents to enable XBRL tagging
• Syndicates need to review the new pro forma accounts and compare them to their existing reporting processes
• Syndicates are encouraged to participate in the pilot testing phase in August-September 2024 to gain insights before full implementation

Lloyd's of London

Lloyd's is overseeing the transition to XBRL reporting and providing guidance to managing agents and syndicates, including:

• Developing the XBRL taxonomy aligned to the syndicate account structure
• Releasing the pro forma illustrative accounts and minimum disclosure requirements
• Providing an online portal for managing agents to submit the iXBRL-tagged accounts
• Validating and processing the XBRL data submitted by managing agents