at Lloyd’s, the person (individual or corporate) who manages a syndicate, conducts the underwriting, invests syndicate funds and prepares syndicate accounts.
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An underwriting agent which has permission from Lloyd’s to manage a syndicate and carry on underwriting and other functions for a member.

Corporate bodies responsible for running Lloyd’s syndicates. They appoint the active underwriter and the staff. The mana ing agent’s agreement sets out the duties, powers and remuneration of the agent and obligations of the member. Since 2003 managing agents have been granted franchises to operate within Lloyd’s. Some even provide capital to the syndicates they manage in which case they become corporate members. Lloyd’s has published a number of codes of practice for managing agents.

The IR must approve an occupational pension scheme that meets the requirements of ICTA 1988, s.590(3). The benefit under such schemes (approved schemes) must be a pension on retirement at a specified age between 60 and 75 not exceeding onesixtieth of final remuneration for each year of service up to a maximum of 40. Cash commutation must not exceed three-eightieths of final remuneration for each year of service. A widow(er)’s pension in death after retirement must not exceed two-thirds of the employee’s pension. These and other restrictions result in most schemes preferring exempt approved scheme status.

An offer that a Lloyd’s member or group of members holding 75 per cent of a syndicate’s capacity must make to acquire the syndicate’s residual capacity. In practice it means that corporate members aligned to a syndicate are obliged to make an offer to buy out the unaligned members who are not obliged to accept. See MAJOR SYNDICATE TRANSACTION.

MHR apply to virtually every form of employment. Employers should avoid manual handling whenever reasonably practicable’ otherwise they must make a risk assessment based on the task, the load, the environment and the person. The employer’s duty is to make the task safe while the employee should use the systems of work for handling operations. A breach by the employer amounts to a criminal offence and may provide the basis for an injured employee to claim damages.

Policy form used in the London market to which the standard Institute Clauses must be attached. The form sets out the agreement to insure in simple terms leaving cover to be defined by the standard clauses.

(War Risks) Act 1952 Empowers the UK government to reinsure British ships and aircraft against war risks and, when in the UK, cargo, foreign ships and aircraft. In the absence of an alternative, the government can also provide primary war risk insurance if the UK is at war. This is important as war risks cover in the commercial markets is subject to cancellation at short notice at time of war or terrorism. The government used its powers during the Gulf war and again following ‘September 11’. It formed a company, Troika, to provide war and terrorism cover for airlines and service providers pending the return of commercial reinsurers to the war risks market.

Public liability exclusion of risks insurable in the marine and aviation markets. The exclusion is of liability arising out of the ownership, possession or use by by the insured of aircraft, hovercraft or watercraft other than barges, motor launches and non-powered craft used on inland waterways. The ownership or use of small craft is not excluded. Also the insurer modifies the exclusion so that any contingent or vicarious liability associated with craft not owned or operated by the insured is covered.