Clients may be aware that many of the Lloyd’s systems have been taken off line over the past week while Lloyd’s investigated some suspicious activity. This has included access to the Member Modeller – which is the system that allows us to advise members of the impact on capital requirements of proposed changes to underwriting portfolios. There were still connectivity problems this morning.

Lloyd’s has agreed to a one week deferral of this year’s auctions. Auctions will commence on Wednesday 26 October and will follow the following timetable:

Auction One

Wednesday 26 October and Thursday 27 October

Auction Two

Wednesday 2 November and Thursday 3 November

Auction Three

Wednesday 9 November and Thursday 10 November

Changes to the debit and credit dates for auction settlement will follow in due course