Underwriter meaning

This timeline outlines notable milestones linked to the Solvency UK regulatory regime. For earlier milestones, please see: Solvency II—timeline (2007–2023) [Archived]. 2026 Date: 11 March 2026 | Source: PRA | Document: PRA fines U K Insurance Limited £10,625,000 The Prudential Regulation Authority imposed a £10,625,000 penalty on U K Insurance Limited after a miscalculation of its Solvency II balance sheet in 2023 and 2024 led to overstated solvency figures reported to both the regulator and to the wider market. UKI Limited is a subsidiary and principal underwriter of Direct Line Group, and is now part of Aviva plc. This marks the PRA’s first public enforcement action in which the Early Account Scheme (EAS) has been applied. See: PRA fines U K Insurance Limited £10.6m for Solvency II micalculation Date: 25 February 2026 | Source: PRA | Document: CP4/26 — UK Solvency II Own Funds: Updates and fixes to rules and expectations The PRA...

A Singapore-registered ship collided with a key structural support of the Baltimore harbour bridge at 1.30am local time on 26 March 2024, triggering the collapse of sections of the 1.6-mile crossing and plunging people and vehicles into the water. The Dali container ship had been chartered by shipping giant Maersk and was being operated by Synergy Group. The vessel is insured by Britannia, a London-based marine underwriter. A Britannia spokesperson said they are working closely with the ship’s manager and the relevant authorities to establish the facts and help ensure the situation is handled swiftly and professionally, adding that their thoughts are with everyone affected by the incident. Synergy Group stated in a...

The Centre for Research on Energy and Clean Air (CREA) reported 20 January 2024 that the UK is the leading underwriter of seaborne Russian oil, with marine insurers backing roughly €120.6bn of exports from March 2022 to November 2023. The UK permits services, including insurance, for ships transporting Russian oil, as long as the price paid for the oil sits below a price ceiling set by G7 leading industrial nations, presently US$60 per barrel for crude oil...

In this issue Sustainable finance and ESG round-up Sanctions Shipping finance Project finance Trade and commodity finance Sustainable finance Debt capital markets Regulation for banking lawyers Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round-up For this week’s coverage of Sustainable finance and ESG, see: Sustainable finance and ESG weekly round-up—1 August 2024. Sanctions UK insurer warns over collisions with Russian 'Shadow Fleet' A marine underwriter cautions that sanctions placed on the Kremlin following its invasion of Ukraine could prevent it from settling collision claims where vessels are insured by Russian rival IPJSC Ingosstrakh. For further detail, see News Analysis: UK insurer warns over collisions with Russian 'Shadow Fleet'. Russia (Sanctions) (EU Exit) (Amendment) (No 3) Regulations 2024 SI 2024/834: Exercising powers in the Sanctions and Anti-Money Laundering Act 2018 linked to assimilated law, these Regulations amend one item of UK secondary...

STOP PRESS : Significant reforms to the UK prospectus regime came into force on 19 January 2026. The new rules covering public offers of securities and admissions to trading activities in the UK are contained and set out in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs) and the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been repealed. The measures aim to streamline capital raising and materially cut the instances when a company is obliged to publish an FCA-approved prospectus for a subsequent share issue. For full information on the changes, see Practice Note: UK prospectus regime reform. This Practice Note reflects the prospectus regime in force prior to 19 January 2026...

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z This glossary provides helpful (re)insurance and underwriting definitions. For focused guidance on reinsurance terminology, see Practice Note: Reinsurance—essentials. A Accident An unforeseen or unintended event or incident that typically results in damage or injury (physical or financial) to the insured or a third party. Accidental damage Unintended or unexpected harm or damage caused to property or a person. Accidental death benefit Some life insurance policies pay an extra amount, over and above the original sum insured, if the insured dies because of an accident. Act of God (force majeure) An occurrence beyond anyone’s control, such as a natural disaster. Active underwriter The person with primary responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a syndicate in the Lloyd’s market. See also Underwriter. Actuary A qualified professional who...

What does this Practice Note cover? This Practice Note explains how institutions serving as underwriters or managers operate within capital markets debt issuances. It sets out an overview of underwriting and managerial duties, describes the principal deal documents they ordinarily sign up to, and summarises particular risks managers encounter in a debt securities offering. It notes the documents to which they are party and the risks they face. What is underwriting and why are securities issuances typically underwritten? The expression ‘underwriting’ denotes a commitment to subscribe for, or to buy, securities that cannot be placed with investors or funded by them in an offering. By giving that commitment, the underwriter transfers from the issuer the risk that investors will not take up the securities being offered. Accordingly, subject to specified conditions, the underwriter in effect guarantees the issuer both the volume of securities that will be sold and the amount of proceeds the issuer will obtain. Firms acting as underwriters on a securities offering are most commonly...

Warranty & Indemnity insurance provisions—pro-seller—share purchase agreement Include the following terms as additional definitions in clause 1 of the relevant Precedent—namely, as applicable, Share purchase agreement—pro-seller—corporate seller—conditional—long form; Share purchase agreement—pro-seller—corporate seller—unconditional—long form; Share purchase agreement—pro-seller—individual sellers—conditional—long form; Share purchase agreement—pro-seller—individual sellers—unconditional—long form; or Share purchase agreement—pro-seller—corporate seller—short form: 1 Definitions and interpretation W&I Claim • means a claim brought by the Buyer under the W&I Policy; W&I Insurer • means the insurer or underwriter that issues and maintains the W&I Policy and is responsible for providing insurance cover for the risks set out in that policy; W&I Policy • means the warranty and indemnity insurance policy issued to the Buyer that, in accordance with its terms, provides cover for risks arising from any actual or potential breach of the Warranties and from claims under the Tax Covenant; Insert the following as a new clause immediately after the clause titled ‘Seller(s) Warranties’: 9 W&I Policy 9.1 The Parties...

Warranty & Indemnity insurance provisions—pro-buyer—long form—share purchase agreement Add to clause 1: Uninsured Event: facts or matters giving rise to a breach of Warranty not covered by the W&I Policy. W&I Policy: the warranty and indemnity insurance issued to the Buyer covering risks from Warranty breaches and Tax Covenant claims. The Buyer warrants it has placed and will maintain the W&I Policy, under which the insurer irrevocably waives subrogation, contribution or other claims against the Seller, except for loss arising from the Seller’s fraud [ or fraudulent misrepresentation ]. The Buyer shall not rescind, terminate, amend adversely, waive rights under, or act/omit so as to render the W&I Policy void or unenforceable. Replace ‘Thresholds’ with: The Seller’s maximum liability for all Warranty Claims [ and Tax Covenant Claims ] other than for an Uninsured Event is £1.00, regardless of non‑payment, vitiation, expiry, termination or underwriter insolvency. [ For an Uninsured Event, the...