Provides a way for participation in risks underwritten at Lloyd’s from outside the Lloyd’s market. Lloyd’s allows a syndicate to enter into quota share reinsurance with a non-Lloyd’s reinsurer that it has approved. The reinsurance itself: (a) must not exceed 20 per cent of syndicate capacity although higher levels may be specially agreed; and (b) must relate to categories of business representing at least 15 per cent of the syndicate’s capacity.