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United Kingdom
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Lloyd's syndicate meaning
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What does Lloyd's syndicate mean?
A Lloyd’s syndicate is a group of underwriting members at the Lloyd’s insurance market who pool capital and authority, under a managing agent, to insure or reinsure risks for a particular year of account. A syndicate is not a separate legal entity; contracts are underwritten by its individual members, whose liability is several (not joint) and limited to their subscribed shares. Policies and slips identify the syndicate by number and stamp, with a lead and following underwriters.
The expression is a term of art in the Lloyd’s Acts and Lloyd’s byelaws rather than general statute, and is widely used across insurance placement, claims handling and coverage litigation. Proceedings in the UK are commonly issued against the managing agent “for and on behalf of” the members of the relevant syndicate and year of account, and recoveries are subject to Lloyd’s chain of security (including the Central Fund).
Usage and legal effect are broadly consistent across England & Wales, Scotland and Northern Ireland. In Ireland, post‑Brexit consumer and EEA risks are typically written by Lloyd’s Insurance Company S.A. (Lloyd’s Brussels) as insurer of record and reinsured to the syndicates, but the market understanding of a “Lloyd’s syndicate” remains the same.
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View the related News about Lloyd's syndicate
NEWS
WRBC v AXA XL Syndicate and others: High Court consent order settles Lloyd’s reinsurance dispute over COVID-19 event cancellation losses (claim at least US$90m)
WRBC Corp Member Ltd and a second syndicate, Canopius Corporate Capital Ltd, reached settlement terms, as recorded in a consent order made in the High Court by Judge Christopher Butcher on 18 February 2023. The details of that accord were not made public. In January 2024, WRBC brought proceedings at the court against a cohort of 13 underwriters and insurers. The Lloyd’s syndicate stated that the cohort—with AXA XL Syndicate Ltd acting as lead reinsurer—declined to release sums it said were due after it issued policies that covered businesses for the risk of event cancellations during the pandemic and associated issues and related matters also...
25 February
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View the related UK Parliament Acts about Lloyd's syndicate
UK PARLIAMENT ACTS
[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
UK PARLIAMENT ACTS
[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.]
UK PARLIAMENT ACTS
324 Interpretation of this Part
(1) In this Part—“arranging deals”, in relation to the investments to which this Part applies, has the same meaning as in paragraph 3 of Schedule 2;“former underwriting member” means a person ceasing to be an underwriting member of the Society on, or at any time after, 24 December 1996; and“participation in Lloyd's syndicates”, in relation to the secondary market activity, means the investment described in sub-paragraph (1) of paragraph 21 of Schedule 2.(2) A term used in this Part which is defined in Lloyd's Act 1982 has the same meaning as
