Category: Underwriting practice · Reviewed by Tim Roche, Director · PI & Commercial · Last reviewed
Underwriter
An underwriter is the individual (or, for delegated authority, the entity) that accepts insurance risk on behalf of an insurer or Lloyd’s syndicate, sets the price and terms, and binds the contract. The role combines technical analysis, commercial judgement and authority management.
Types of underwriter
Direct insurer underwriter — employed by an insurance company, writes business presented by brokers or direct to consumers.
Lloyd’s underwriter — employed by a managing agent, writes business on behalf of a syndicate.
Reinsurance underwriter — writes outwards risk presented by ceding insurers.
MGA / coverholder underwriter — operates under delegated authority from a capacity provider.
Captive underwriter — manages risk for the captive’s parent.
Authority and binding
Every underwriter operates within a written underwriting authority that specifies:
Classes of business permitted.
Geographies permitted.
Maximum line size per risk.
Aggregate authority across the book.
Maximum loss limit and minimum retention requirements.
Conditions on referral to senior underwriters.
Breach of authority can render the contract voidable as against the insurer and trigger personal disciplinary consequences.
Our service promise. We acknowledge every quote request the same working day. For straightforward risks, indicative terms typically follow within five working days. Complex risks — higher-risk buildings, cladding, mid-term proposals requiring fresh underwriting — may take longer; we’ll send you a progress note by the end of the fifth working day in those cases.