1. Lloyd’s underwriter or company recognised as a specialist or as having the greatest capacity in a particular class of business. They are first to take a portion of the risk and quote a rate of premium. Other underwriters follow by accepting portions of the risk. On large risks it may be necessary to select two/three specialist leaders. 2. The insurance company on a coinsurance policy who has accepted the largest share of the risk and accepts responsibility for the survey and administration of the insurance.