A risk taxonomy for Lloyd's managing agents, mapped to the capital model
This is a starter risk taxonomy for a Lloyd's managing agent: five classes, 30 subclasses and example risk titles for each. Every subclass is mapped to the risk categories in Lloyd's Capital Guidance, so the risk register and the capital model use one language. Finance and the board can see which risks the internal model covers. The risk team can show the strategic and conduct risks the model does not cover, and where the ORSA picks them up. It is written for the risk team that keeps the register and the finance and actuarial teams that run capital. You get the full tree and a template to adapt to your own business.
- For Risk and compliance, Finance, Board
- Format Web page and XLSX template · 30 subclasses
- Sources checked 15 Oct 2026
- New
What is inside
- Why the register and the capital model drift apart
- The five classes and how each maps to Lloyd's capital categories
- The full tree: 30 subclasses with example risk titles
- Three boundary calls to settle with your capital team
- How to adapt it: optional subclasses and naming rules
- The template (XLSX)
A sample
Counterparty risk · Distribution
Example risks: broker concentration; coverholder and broker credit; premium credit control failure.
Lloyd's capital category: credit risk. Lloyd's lists brokers and coverholders among a syndicate's key counterparties (Capital Guidance, April 2026, §13.1).
In the internal model? Yes.
Suggested owner team: finance (credit control), with delegated authority for coverholder credit.
Sources
Lloyd's Capital Guidance, April 2026. Lloyd's 2027 YOA LCR instructions, June 2026. PRA SS19/16 Solvency II: ORSA, May 2026 update. PRA SS5/25, 3 December 2025. Checked 15 October 2026.
See it worked through at Halden, our fictitious Lloyd's managing agent