---
title: The Faster Route Into Lloyd's Comes With a Size Cap and a Catastrophe Limit
description: A Syndicate in a Box writes under £100 million in year one and may take only incidental catastrophe exposure. Greenlight's 3456 goes full in 2027.
author: Darie Nani (Editor-in-Chief)
date: 2026-07-30T13:03:44.071Z
updated: 2026-07-30T13:03:44.095Z
canonical: https://www.sovereignmagazine.com/article/lloyds-syndicate-in-a-box-greenlight-3456
image: https://cdn.nanimediahouse.com/lloyds-syndicate-in-a-box-illustration-70686.webp
categories: Markets
content_type: News
region: United Kingdom
publication: Sovereign Magazine
access: members
schema_type: Article
---

Lloyd's of London runs a scaled-down way in for new underwriters. A [Syndicate in a Box](https://www.lloyds.com/about-lloyds/join-lloyds-market/underwriter/syndicate-in-a-box) is a real, market-facing syndicate, but it may write less than £100 million of gross written premium in its first year, it may take only incidental exposure to the five catastrophe perils Lloyd's treats as its most significant, and it is expected to write predominantly short-tail business. In exchange it gets a faster approval timeline, a reduced application fee, proportionate oversight and exemption from a number of Lloyd's financial reporting requirements.

Greenlight Capital Re began underwriting through one on 1 April 2022. Its Greenlight Innovation Syndicate 3456 has now received in principle approval from Lloyd's to become a full syndicate, with effect from 1 January 2027.

## The Perils a Syndicate in a Box May Not Take On

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