MRC slip

~2 min read

Category: Lloyd's market · Reviewed by Jake Leat, Associate Director · Last reviewed 2026-06-05

In short: An MRC slip is a London market placement slip drawn up in the Market Reform Contract format. The term is used interchangeably with ‘MRC’ in market communications and in PPL workflow descriptions; both refer to the standard structured slip used to document placement across the London market.

Category: Lloyd’s market Also known as: MRC, Market Reform Contract slip Related concepts: Market Reform Contract, Lloyd’s slip

Definition

The MRC slip terminology refers to the slip in its contractual document form. The MRC content (sections, headings, mandatory fields) and the MRC slip (the physical or electronic document presented to subscribing underwriters) are practically identical; the difference is one of nomenclature.

The MRC slip may be supplemented by ‘endorsements’ (mid-term variations agreed by the subscribing market) and ‘addenda’ (additional information or scope expansions).

Legal / Regulatory basis

As for the MRC: the slip is the contract document of the London market, governed by general principles of English contract law, the Insurance Act 2015 and (where applicable) the Marine Insurance Act 1906.

How it works in practice

Brokers and underwriters refer routinely to ‘the MRC slip’ as shorthand for the placement document being negotiated. PPL describes its workflow in terms of MRC slip creation, negotiation, signing and processing.

Example

An illustrative example: a Lloyd’s reinsurance broker prepares an MRC slip for a £40m London market reinsurance placement. The slip is uploaded to PPL, presented to lead and following underwriters in sequence, signed electronically and processed through Velonetic.

References

London Market Group MRC documentation — https://www.lmalloyds.com
PPL placement platform — https://www.placingplatformlimited.com

This entry is part of the Apex Insurance Wiki. Last reviewed by Apex Insurance Brokers on 2026-06-05. Next review: 2026-12-05.

Apex Insurance Brokers Limited. Authorised and regulated by the Financial Conduct Authority, FRN 724952. Registered in England and Wales, Companies House 07014570. This entry provides general information about UK insurance concepts and is not regulated advice. Consult your insurance broker on your specific position.

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