An introduction to our market, including a glossary of technical terms and Lloyd’s market terminology.
What makes up an insurance business at Lloyd’s?
A typical insurance company will have to be wholly responsible for all aspects of its business.
Whereas Lloyd's unique structure separates the component parts of carrying on an insurance business between managing agents and members, who form into syndicates, allowing for specialisation and creativity.
What is a syndicate?
A Lloyd’s syndicate is formed by one or more members joining together to accept insurance risks. Each syndicate sets its own appetite for risk, develops a business plan, arranges its reinsurance protection and manages its exposures and claims.
A syndicate is not a legal entity. Syndicates are formed for a single calendar year usually referred to as a ‘year of account’. At the end of its first year, the syndicate may reform with identical or similar membership.
What is a managing agent?
A managing agent is a company set up to manage one or more syndicates on behalf of the members. Managing agents have responsibility for employing underwriters, overseeing their underwriting and managing the infrastructure and day-to-day operations. Managing agents are authorised by the UK’s PRA and regulated by the PRA and FCA, as well as by Lloyd’s.
What is a member?
It is the members of Lloyd’s that underwrite the insurance policies written at Lloyd’s. The capital that members use to support their underwriting is provided by many of the world’s major insurance groups, listed companies, individuals and limited partnerships.
Comprehensive Lloyd’s glossary & acronyms
Explore our comprehensive glossary of insurance related terms used by Lloyd’s and market participants.
More about Lloyd’s
Find out more about our unique insurance market.