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GLOSSARY

Lloyd's syndicate definition

Published by a LexisNexis Financial Services expert

What does Lloyd's syndicate mean?

Arises in connection with Lloyd's which is a market in the City of London where members join together as syndicates to insure risks.

Only those persons who are authorised by the FSA can manage the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's or advise a person to become a member of a particular Lloyd's syndicate. Law firms are prohibited from undertaking these activities under the SRA Financial Services (Scope) Rules 2001.

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An introduction to Lloyd’s of London

What is the Lloyd’s market?The Lloyd’s market is an insurance market, whose origins date back to the seventeenth century. Merchants would meet at Edward Lloyd’s coffee house in London and agree to insure each other’s ventures. As international trade was conducted by sea, until towards the end of the nineteenth century the business insured at Lloyd’s was almost exclusively marine insurance. Now the Lloyd’s market writes insurance in most classes of business.Insurance is written at Lloyd’s by members of Lloyd’s who group together into syndicates. The members of the syndicate appoint managing agents to carry out all the underwriting functions on behalf of the members. These syndicates compete against each other and other insurers to underwrite insurance and reinsurance policies.The Society of Lloyd’sWhat is The Society of Lloyd’s?The Society of Lloyd’s (the 'Society' or the ‘Corporation’ or just 'Lloyd’s') is a statutory corporation incorporated by section 3 of the Lloyd’s Act 1871 by the name of ‘Lloyd's’. The objects of the Society are:•the carrying on by members of the Society...

Discover our 1 Practice Notes on Lloyd's syndicate

[314A The PRA's objectives in relation to Lloyd's etc]

[(1) This section modifies—(a) the effect of sections 2B and 2C (the PRA's general objective and insurance objective), and(b) the effect of section 3I (power of PRA to require FCA to refrain from specified action),in relation to anything done, or proposed to be done, by the PRA under or for the purposes of this Part.(2) This section applies only if PRA-authorised persons include—(a) the Society, or(b) other persons who carry on regulated activities in relation to anything done at Lloyd's.(3) Section 2B(2) and (3) have effect as if

[315 The Society: regulated activities]

[(1) This section applies if an activity carried on by the Society is of a kind specified in an order made under section 22 (regulated activities).(2) The order may provide that the Society is not to be subject to any requirement of this Act concerning the registered office of a body corporate.]

Lloyd's syndicate is referenced 3 in UK Parliament Acts