A statement of the expected range of results of each open year of account of a syndicate that is submitted to Lloyd’s by its managing agent in mid-year together with the managing agent’s expectations for the next year of account.

A plan of the underwriting of a given syndicate for a given year of account that is prepared by the managing agent of a syndicate and submitted to Lloyd’s for approval in advance of the commencement of underwriting for that year of account.

The unique identifying number assigned to a syndicate by the Council of Lloyd’s.

The reinsurance of a syndicate by one or more reinsurers. Such reinsurance can only be arranged by a Lloyd’s broker.

This term may refer to – (a) a document which lists the names of the members of a syndicate for a given year of account and the amount of each member’s overall premium limit that is allocated to that syndicate; (b) the syndicate allocated capacity of a syndicate; or (c) the underwriting stamp of a syndicate.

This term may variously refer to-(a) the professional underwriters who are employed by managing agents to underwrite insurance and reinsurance business on behalf of the members of the syndicates that those agents manage. (b) the members of one or more syndicates that underwrite a particular policy; or (b) all members (of the Society) collectively.

A person who acts as an agent for an underwriting member of Lloyd’s (a) as a member’s agent who acts in all respects for the member, other than in managing the underwriting syndicate, and/or (b) as a managing agent, who manages the affairs of the syndicate.

The amount of a risk that an underwriter is willing to accept on behalf of the members of the syndicate or company for which he underwrites. This is commonly expressed as a percentage of the sum insured which is written on the broker’s placing slip. If, on completion of the broking exercise, the written lines exceed 100% then, absent some contrary instruction, they will be signed down by the broker, which is to say they will be reduced proportionately so that they total 100%.

The board established by the Council of Lloyd’s which is responsible for developing and directing the implementation of the franchise policy to create an maintain a commercial environment at Lloyd’s in which the long term return to all capital providers is maximized. The Council delegates certain of its powers to the Board which may operate within limitations set by Council.