Insurance business is conducted by members of Lloyd's who join together to form syndicates. It is the members who provide the capital for the Lloyd's market, being major insurance groups and other corporate entities (see E5.607), individuals (see E5.602) and limited partnerships (see E5.609).
Members may be underwriting members or non-underwriting members. An underwriting member becomes a non-underwriting member from 31 December following the date on which they submit an application to resign from Lloyd's.
They remain a non-underwriting Lloyds Name until the end of the liability period for their underwriting (which may be lengthy, as it includes any 'run-off' period for their open syndicate accounts, see E5.626).
Although the members have the right to operate on a year-to-year basis, most syndicates are technically set up on an annual basis, and the members of one year are not obliged to participate in a particular syndicate in the following underwriting year1.
A member of Lloyd's may be an individual member or a corporate member.
An individual Lloyd's underwriter is known
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 15:32