Lloyd's of London is proposing to set up a new system for auctioning off names' syndicate memberships. The idea is to give names something akin to stockmarket equity in Lloyd's syndicates. Names will have the right to be on any syndicate and this right will be tradeable at the auctions planned for July and August. All Lloyd's members, including corporate capital, will be allowed to bid, and the proceeds of the auction will go to top up names' funds at Lloyd's.
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