Brit Syndicates Limited is an approved Lloyd’s managing agent and its purpose is to manage the affairs of the managed Lloyd's Syndicates. Amongst other responsibilities, the board sets Syndicate 2987's business plans, objectives and strategy, determines and monitors various risk appetites and tolerances, oversees the company's internal model and ensures that it is used to make decisions across the business and approves regulatory returns.
The Committees of the Brit Syndicates Limited Board are the:
BSL Audit Committee
The Audit Committee is mandated to monitor the financial reporting process and system of internal controls surrounding financial reporting and accounting compliance. Amongst other responsibilities, the Audit Committee reviews Brit’s financial statements prior to their approval by the Board and recommends the appointment and dismissal of the external auditors.
BSL Risk Oversight Committee
The Risk Oversight Committee is mandated to approve the Group’s risk management framework, risk management policies and arrangements and internal control policies. Amongst other responsibilities, the Risk Oversight Committee reviews and considers various types of risk, including insurance, operational, credit, market and liquidity risk, as well as the Group’s capital adequacy and governance of the internal control.
BSL Investment Committee
The Investment Committee is mandated to review, advise and make recommendations to the Board and management to inform the setting of strategy with a view to optimising Group investment performance.