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Lloyd's Underwriters

This term may variously refer to:

 

  • the professional underwriters employed by managing agents to underwrite insurance and reinsurance business on behalf of members of the syndicates that those agents manage, or
  • members of one or more syndicates that underwrite a particular policy, or
  • all members (of the Society) collectively.

 

A Managing Agent in Lloyd's is defined as an Underwring Agent which has permission from Lloyd's to manage a syndicate and carry on underwriting and other functions for a member.

 

The terms of the agreement (Managing Agents Agreement) are set out between the member and the managing agent of a syndicate on which the member participates, detailing the powers of the Managing Agent and the obligations of the Managing Agent and the member towards one another. There are two forms of Managing Agent's Agreement:

 

  • The Managing Agent's Agreement (General), which applies to every member that has a members' agent and
  • The Managing Agent's Agreement (Corporate) which applies to every member that does not have a member's agent.  

 

A member is a member of Lloyd's who is a person (either individual or corporate) who has been granted membership.

 

Whilst not applicable to Corporate members, members agents' form the role akin to that of an Underwriting Agent which has permission from Lloyd's to be appointed a member to provide services and perform duties of the same kind and nature as set out in the standard members' egent's agreement. These services and duties include advising the member on which syndicates he should participate, the level of participation on such syndicates and liaising with the member's managing agents.

A more detailed definition of the Members' agents agreement is provided below:

 

A standard form of contract between a member and the member's agent, which sets out the services, duties, powers and remuneration of the member's agent and obligations of the member. The terms of the Contract with the exception of the amount of the members' agents remuneration are set by the Council of Lloyd's.  

 

For more information on Lloyd's click on the following Lloyd's link.