The 1996 conversion byelaw envisaged two types of arrangement under which existing Names were allowed to enter into ‘approved arrangements’ for transferring their underwriting to limited liability members

‘transition’, which aimed to achieve a clean break for the individual Name by transferring the business to a corporate member, which reinsured the open years of the converting Name

‘interavailability’, under which a Name's Funds at Lloyd's would support both the new underwriting business of the successor member, and the continuing obligations relating to business carried on as a traditional Name.

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