The road to Solvency II reporting has not been easy. For Lloyd’s syndicates, complying with the additional challenges of the Lloyd’s market regulations, things are perhaps even tougher. Managing agency Asta explains to Sarfraz Thind how it is preparing for lift-off next year.
As one of the biggest managing agents in Lloyd’s with responsibility for seven syndicates and two special purpose syndicates, Asta is at the frontline in tackling the challenges of Solvency II regulatory compliance. The company is responsible for ensuring that all its syndicates comply with regulations, carrying out activities on their behalf or providing oversight, depending on their needs. This currently includes Solvency II readiness.
Solvency II ‘pillar 3’ reporting is a new paradigm for all and harmonising the reporting needs of seven different businesses has been one of the key areas of focus for the company.
In the past four years, pillar 3 has gone from an important regulatory concern to one that now has the company working on full afterburners [...]