In the international insurance market, a syndicate is Lloyd’s operational unit for conducting insurance business. It is financially supported by one or more Lloyd’s members and routinely managed by a specialist Managing Agent. These Lloyd’s members are the actual insurers of the relevant insurance policies.
Section 8(1) of the English Lloyd’s Act 1982 provides that:
“An underwriting member shall be a party to a contract of insurance underwritten at Lloyd’s only if it is underwritten with several liability, each underwriting … Read the rest