Patria Re Lloyd's entry highlights SPS side door

Patria Re's in-principle approval from Lloyd's to
establish a special purpose syndicate (SPS) has again highlighted
the shift in how the Corporation brings new entrants into the
market.
Until 2012, entrance to the Lloyd's market was achieved via
one of two mechanisms. Either an application was made to start a
full syndicate, typically alongside a third-party managing agency,
or an existing Lloyd's business was acquired.
This changed in 2012 when Lloyd's approved Pembroke SPS 6110
as the start-up