What term describes individuals who provide financial backing for Lloyd's syndicates?

The correct term for individuals who provide financial backing for Lloyd's syndicates is "Names." In the context of Lloyd's of London, "Names" refers to the individual members who invest capital into a syndicate and, in return, are responsible for the losses that the syndicate may incur. These Names are crucial to the functioning of Lloyd's, as they provide the necessary financial resources which allow syndicates to underwrite insurance policies.

The role of Names can be distinguished from other participants at Lloyd's. For instance, underwriters are the professionals who actually assess risks and decide which insurance to provide, while managing agents are the firms that oversee the syndicates and their operations. Member agents, while involved in acting on behalf of Names, do not directly contribute financial backing but instead provide support with administrative and management services. Understanding the unique roles of these participants helps clarify the specific responsibilities and contributions of Names within the Lloyd's marketplace.