Which individuals provide financial backing for Lloyd's syndicates?

Lloyd's syndicates are supported financially by individuals known as "Names." These Names are typically high-net-worth individuals or corporations that provide the capital necessary for the syndicates to underwrite insurance risks. By doing so, they effectively share in the profits and losses that arise from the underwriting activities of the syndicates.

Names are essential to the Lloyd's model, as they take on the financial risks associated with insurance policies issued by the syndicates. In return for their financial backing, they receive a share of the premiums collected, which can result in substantial profits if the underwriting is successful. However, they also bear the risk of financial losses, making their role critical within the insurance framework at Lloyd's.

In contrast, managing agents oversee the operations of the syndicates, ensuring that the underwriting process aligns with the agreed-upon strategies and compliance with regulatory requirements. Members' agents represent the interests of the Names and assist them in managing their involvement with syndicates, advocating for them and overseeing their accounts. Underwriters are those skilled professionals who assess and price the risks being insured, but they do not provide the financial backing themselves.