Category: Lloyd's market · Reviewed by Al Jabbar, Broker · Specialist Risks · Last reviewed 2026-06-05
The slip leader is the lead underwriter on a London market placement — the carrier first approached by the broker, responsible for agreeing terms and conditions, accepting the largest individual line and representing the subscribing market on key decisions. The slip leader’s signature on the slip ‘sets the market’ for following underwriters.
Category: Lloyd’s market Also known as: lead underwriter, slip lead, placement leader Related concepts: following underwriter, bureau leader, Lloyd’s underwriter
The slip leader is the underwriter who, on review of the broker’s submission, agrees the terms of the cover and writes the first line on the slip. The slip leader’s line size is typically the largest single line (20–30 per cent of the placement) and reflects the lead’s underwriting commitment.
Subsequent following underwriters subscribe at the lead’s terms — although they may negotiate amendments, additional terms or specific conditions where appropriate. The lead’s role is therefore both technical (setting price and conditions) and commercial (assuming the largest single line and committing to the placement before it is fully placed).
The slip leader role is governed by the subscription agreement provisions of the Market Reform Contract and by the LMA General Underwriters Agreement, which sets out delegated authority of the lead on certain claims and endorsements.
In practice the slip leader is the most important single relationship in the placement. The broker invests significant effort in selecting and securing a lead with appropriate market standing, class expertise and appetite. A ‘good’ lead — a respected underwriter at a leading syndicate or company — attracts following market subscription readily; a ‘weak’ lead may struggle to complete the placement.
The lead underwriter’s authority extends to: setting price; setting terms and conditions; agreeing exclusions and warranties; agreeing the slip wording; and (within the GUA framework) agreeing endorsements and claims on behalf of the following market.
For Apex clients the choice of lead is one of the broker’s most important placement decisions; we maintain working relationships with lead underwriters across the principal classes.
An illustrative example: a £30m sum insured industrial property risk is led by a recognised property syndicate at Lloyd’s, writing a 25 per cent line. The lead agrees a rate of 0.15 per cent of sum insured (£45,000 premium), terms based on the Lloyd’s Specified Industries Wording, and warranties on sprinkler maintenance and fire alarm testing. Following underwriters subscribe to the placement at the lead’s terms.
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.
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