Lloyd's has finalised the rules and guidance for the 2009 capacity transfer season. Capacity transfers enable members to surrender or acquire the right to underwrite a specific amount of premium on Lloyd's syndicates. The rules and guidance contains the Auction Rules, the Bilateral Arrangements Rules, the Conversion Rules, the Capacity Offer Rules and the explanatory guide to the Capacity Auctions and Bilateral Arrangements. No substantive amendments have been made to the 2008 rules and guidance.
Lloyd's has also set out the auction dates for 2009. These are:
first auction - 9 and 10 September;
second auction - 16 and 17 September;
third auction - 29 and 30 September; and
fourth auction - 12 and 13 November.