Category: Lloyd's market · Reviewed by Simon Temme, Account Executive · Last reviewed 2026-06-05
A Lloyd’s syndicate is a group of underwriting members (Names) that together provide capital to support a year of account of underwriting business, managed by a Lloyd’s Managing Agent under a syndicate management agreement. Each syndicate has a syndicate number, an active underwriter and a defined annual underwriting capacity.
Category: Lloyd’s market Also known as: syndicate, syndicate of Names Related concepts: Lloyd’s of London, Lloyd’s Managing Agent, Funds at Lloyd’s, underwriting year
A syndicate is a contractual aggregation of capital providers. The underwriting members provide capital (in the form of Funds at Lloyd’s) to support a stated capacity for each year of account. The managing agent operates the syndicate’s business — underwriting, claims, reinsurance, finance, compliance — on behalf of the members.
Each syndicate is identified by a number (e.g. Syndicate 33 — Hiscox; Syndicate 623 — Beazley; Syndicate 510 — Tokio Marine Kiln). The same number may exist across multiple years of account: syndicate 33 (2024 year of account) is legally distinct from syndicate 33 (2023 year of account).
Capacity is the maximum gross written premium the syndicate may write for a given year of account. The syndicate’s capacity is approved annually by Lloyd’s based on the managing agent’s business plan and the capital provided.
Syndicates are constituted by their members under the syndicate management agreement (in standard form approved by Lloyd’s) with the managing agent. The PRA Insurance Rulebook contains specific provisions for Lloyd’s syndicates, including capacity, capital, reinsurance to close and run-off requirements [1].
Each member’s liability is several, not joint: a member is liable only for its agreed share of the syndicate’s underwriting. The Lloyd’s chain of security provides the backstop where a member cannot pay.
The managing agent runs the syndicate’s day-to-day business through its active underwriter (responsible for underwriting), claims handlers, reinsurance team and central functions. The syndicate’s results are reported on an underwriting year basis at 12, 24 and 36 months development, with closure of the year by reinsurance to close (RITC) into the following year.
Modern syndicates are predominantly capitalised by corporate Names, including listed groups (Beazley, Hiscox, Lancashire), insurance groups (Tokio Marine, Markel, Munich Re), and Lloyd’s-only vehicles such as the integrated Lloyd’s vehicles (ILVs) of the major US, Bermuda and continental European insurers.
In addition to permanent syndicates, Lloyd’s has a category of ‘Special Purpose Arrangements’ (SPAs) and ‘Special Purpose Syndicates’ allowing capital to participate in defined opportunities (e.g. a sidecar to a permanent syndicate).
An illustrative example: Beazley Syndicate 623, managed by Beazley Furlonge Limited, with an active underwriter and a stated 2024 capacity of (say) £2.5bn. The syndicate writes a portfolio of marine, energy, specialty, financial lines and cyber business. Capital is provided by Beazley plc (a listed entity) and by smaller corporate Names.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-05. Next review: 2026-12-05.
Apex Insurance Brokers Limited. Authorised and regulated by the Financial Conduct Authority, FRN 724952. Registered in England and Wales, Companies House 07014570. This entry provides general information about UK insurance concepts and is not regulated advice. Consult your insurance broker on your specific position.
Apex Insurance Brokers serves UK professional services firms and commercial businesses. Call 0117 325 0027, email hello@apexinsurancebrokers.co.uk, or request a quotation.
Get a quote