A group of individuals at Lloyd’s of London who have entrusted their assets to a team of underwriters who underwrite on behalf of the group.
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A member or group of members underwriting insurance business at Lloyd’s through the agency of a managing agent or a substitute agent to which a syndicate number is assigned by the Council. Except where it is expressly otherwise provided the several groups of members to which in different years a particular syndicate number is assigned by or under the authority of the Council shall be treated as the same syndicate, notwithstanding that they may not comprise the same members with the same individual participations. [*] = Syndicate allocated capacity = In relation to a syndicate, the aggregate of the member’s syndicate premium limits of all the members for the time being of the syndicate.
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A group of Lloyd’s underwriters, with one person accepting or rejecting risks on the group’s behalf.
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UK: Group of underwriting members whose syndicate is run by a managing agent whose active underwriter accepts risks on behalf of the syndicate. Each syndicate member takes an agreed share of the risk strictly for his own account. Each syndicate is given its own number and is allowed to underwrite up to an allocated premium limit in any given year. At present a syndicate is formed for an underwriting year as an annual venture, now being phased out.