A registered underwriting agent is a firm or company managing and carrying out underwriting for an insurance company or Lloyd’s syndicates if permitted by the Council of Lloyd’s. Lloyd’s distinguishes between a managing agent (who manages one or more syndicates) and a members’ agent who acts for members in other capacities and may introduce them to syndicates run by managing agents. Most agents conduct both functions.
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An agency given underwriting and policy writing authority by an insurer. This authority actually allows an agent to price and issue the physical policy to the insured. In return for this additional administrative work, the agency normally receives increased commissions from the insurer involved.