UK: An alternative term for an individual underwriting member of Lloyd’s. Names face unlimited liability but are being phased out at Lloyd’s following the introduction of corporate membership.
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An individual member underwriting with unlimited liability. Since 6 March 2003 no person has been admitted as a new member to underwrite on an unlimited liability basis.
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An Underwriting member at Lloyd’s syndicate comprises of a group of names. A name is elected to Lloyd’s if he can show sufficient evidence of wealth and suitability of membership to the committee of Lloyd’s. A name takes no part in the affairs of a syndicate but guarantees his fortune to make good losses encountered by the syndicate on behalf of the name.
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UK: an underwriting member of Lloyd’s; the term is often used to refer to individual rather than corporate members.