Service companies place the risks
A service company is an approved coverholder which Lloyd’s has classified as a ‘service company’ by reason of it being a wholly owned subsidiary of either a managing agent or managing agents’ holding company.
Syndicates write the insurance risks
Underwriters decide on behalf of its members which risks a syndicate will underwrite and on what terms. Much of Lloyd’s business is conducted in the Underwriting Room, where face-to-face negotiations take place with brokers about the risks they want to place at Lloyd’s.
Managing agents manage the syndicates
These are companies set up to manage one or more syndicates. The managing agent employs the underwriting staff and handles the day-to-day running of a syndicate’s infrastructure and operations.