Lloyd's syndicates outsource the day-to-day running of their insurance business to:

The correct answer is managing agents. In the context of Lloyd's, managing agents are specialized firms that manage the underwriting activities of syndicates. They are responsible for the day-to-day operations of the syndicate, which includes making underwriting decisions, handling claims, and ensuring compliance with regulatory requirements. Managing agents operate on behalf of the members of a syndicate and are integral to the functioning of Lloyd's as they possess the expertise and resources necessary to effectively manage the insurance business.

In contrast, members' agents act on behalf of individual members of Lloyd's to help them understand their rights and obligations and to represent their interests, rather than managing the syndicate's insurance operations. Lloyd's brokers serve a different purpose; they are intermediaries that facilitate the placement of insurance and reinsurance business into the Lloyd’s market, but they do not run the operations of a syndicate. Corporate managers, including corporate capital providers, may invest in syndicates or provide oversight but do not engage in the direct management of underwriting operations. Therefore, managing agents are the primary entities responsible for the hands-on management of the insurance business within Lloyd's syndicates.