A registered underwriting agent is a firm or company managing and carrying out underwriting for an insurance company or Lloyd’s syndicates if permitted by the Council of Lloyd’s. Lloyd’s distinguishes between a managing agent (who manages one or more syndicates) and a members’ agent who acts for members in other capacities and may introduce them to syndicates run by managing agents. Most agents conduct both functions.
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An agency given underwriting and policy writing authority by an insurer. This authority actually allows an agent to price and issue the physical policy to the insured. In return for this additional administrative work, the agency normally receives increased commissions from the insurer involved.

(1) a person who is authorised under a binding agreement to accept insurance risks on behalf of another person; (2) (same as active underwriter) more particularly, a person authorised to fulfil this function on behalf of underwriting members of Lloyd’s; most Lloyd’s syndicates are managed by an incorporated underwriting agency which employs the underwriters and other professional staff.
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A managing agent or a members’ agent.

a form of reporting for general insurance business used in the Accounting and Statements Rules, according to the underwriting year in which the business incepts (compare with accident basis).

The maximum amount an insurer or reinsurer is willing to accept in the event of a single loss in a given period. It also refers to the aggregate amount accepted in any one location or in a given period of time. The limit may be set by internal guidelines, by the regulatory authorities, or by restrictions agreed with a reinsurer or co-insurer.

An alternative term for working cover excess of loss.

an individual who assumes risks in the Lloyd’s market; underwriting members, or names, are grouped in syndicates; they may not accept business except through underwriting agents or active underwriters.

Obliges a reinsured to consult with, or seek approval from, the reinsurer when proposing to make material changes to established acceptance and underwriting practices.

Money earned or lost by an insurer in its underwriting activities as distinct from money earned from investments. Also called a technical profit calculated by earned premiums less losses, loss adjustment costs and other underwriting expenses incurred.

The risk that underwriting results will deviate adversely from the risk allowed for in assessing the premiums required to cover the pure risks accepted by the insurer. Poor underwriting decisions have an adverse impact on profitability.
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the possibility that the amount which a general insurer will have to pay to indemnify policy holders in respect of the perils covered by the insurance will exceed the amount anticipated in calculating the premiums (in life insurance this definition only applies to the mortality risk).