A group of insurers or underwriters who join to insure property that may be of such total value or high hazard that it can be covered more safely or efficiently on a cooperative basis. Also, See Also: “Pool.”
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A group of insurers who insure a high value item or property together. The item receives better coverage through this message.
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UK: A grouping of Lloyd’s underwriters. See LLOYD’S SYNDICATES.
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UK: a member or group of members of Lloyd’s on whose behalf insurance is accepted by an underwriting agent; a syndicate trades for a single underwriting year and usually closes two years after the end of that year by payment of a reinsurance to close premium to the same numbered syndicate formed for the following underwriting year..
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An association of insurers that work together to insure an especially large or hazardous risk. Also see Pool.
Insurance Encyclopedia
Syndicate (See Association, Pool.)
Lloyd’s Syndicate refers to an entity composed of corporate and/or individual members formed for the purpose of underwriting insurance and/or reinsurance at Lloyd’s, London.
Syndicate allocated capacity
The maximum amount of business that can be written by a Lloyd’s syndicate, based on the capacity of all members of the syndicate.
Syndicate business forecast
Document that must accompany the regulatory business plan covering business forecasts for the open years and the coming financial year. The forecast has to be in a standard electronic form.
Syndicate pseudonym
The unique number issued to each syndicate at Lloyd’s and by which it is subsequently identified. When subscribing to a risk an underwriter adds his syndicate number for transfer onto all documentary and computer entries. Each syndicate is allocated a unique three letter pseudonym to add to the syndicate number. The Lloyd’s central accounting facility rejects any entries where the number and the pseudonym are not compatible.
Syndicate quota share reinsurance
Provides a way for participation in risks underwritten at Lloyd’s from outside the Lloyd’s market. Lloyd’s allows a syndicate to enter into quota share reinsurance with a non-Lloyd’s reinsurer that it has approved. The reinsurance itself: (a) must not exceed 20 per cent of syndicate capacity although higher levels may be specially agreed; and (b) must relate to categories of business representing at least 15 per cent of the syndicate’s capacity.
Syndicate stamp
A document setting out the names of, and share taken by, the members of a Lloyd’s syndicate. It defines the constitution of the syndicate for each of account and must be year registered at Lloyd’s.
Syndicate, Lloyd’s
A group of Lloyd’s Underwriting members (Names) who jointly offer their security for risks accepted on their behalf by an active Underwriting agency. Each name in the syndicate has an individual liability and is not responsibility for the liabilities of his fellow members.
Synopsis sheet
A Lloyd’s term referring to a document presented in a nonmarine claims settlement.
Syntax
Rules And Conventions That One Needs To Know Or Follow In Order To Validly Record Information, Or Interpret Previously Recorded Information, For A Specific Purpose. Thus A Syntax Is Sentence Structure And Language Rules—Grammar. Such Rules And Conventions May Be Either Explicit Or Implicit. In X12 Transactions The Data-Element Separators, Subelement Separators, Segment Terminators, Segment Identifiers, Loops, Loop Identifiers (When Present), Repetition Factors, And So On Are All Aspects Of The X12 Syntax. When Explicit, Such Syntactical Elements Tend To Be The Structural, Or Format-Related, Data Elements That Are Not Required When A Direct Data Entry Architecture Is Used. Ultimately, Though, There Is Not A Perfectly Clear Division Between The Syntactical Elements And The Business Data Content.