Managing agent

A company that is permitted by Lloyd’s to manage the underwriting of a syndicate. A managing agent is an authorised person.

Managing agent's agreement

A standard form agreement between a member and the managing agent of a syndicate on which the member participates which sets out the powers of the managing agent and the obligations of the managing agent and the member towards one another.
There are two forms of managing agent’s agreement: the managing agent’s agreement (general), which applies to every member that has a members’ agent and the managing agent’s agreement (corporate) which applies to every member that does not have a members’ agent. Copies of current versions of these agreements are annexed to the Agency Agreements Byelaw.

Mandataire General

The title used by a Lloyd’s General Representative in certain countries, predominantly those that are French speaking.

Market agreement

An agreement between all the underwriters in a certain section of the Lloyd's market.

Mass risks

An official term used in EEA insurance regulation. It means any risk that is not a “large risk”. See large risks.

Material fact

This refers to any fact which would influence the judgment of a prudent underwriter in deciding whether to accept an insurance/reinsurance risk and the terms on which he would be willing to grant cover. See duty of disclosure.

Material representation

A statement that is made to an underwriter during the negotiation of cover or the amendment or renewal of cover which would have influenced the judgment of a prudent underwriter in deciding whether to accept an insurance/reinsurance risk and the terms on which he would be willing to grant cover.

Means

The minimum level of wealth that a member must demonstrate he, she or it has in order to underwrite at Lloyd’s. The means of all members must be held in approved form and must be maintained in value so long as the member has actual or potential outstanding underwriting liabilities.

Member (of the Society)

A person admitted to membership of the Society. There are two types of member: an individual member (otherwise known as a Name) and a corporate member which is a company or a Scottish limited partnership.

Members' agent

An agent appointed by a member to provide services and perform duties of the same kind and nature as those set out in the standard members’ agent’s agreement. These services and duties include advising the member on which syndicates he should participate and the level of participation on such syndicates and liaising with the members' managing agents.
A member’s agent is an authorised person.

Members' agent Pooling Arrangement (MAPA)

An arrangement operated by a members’ agent whereby a number of members combine pool some or all of their underwriting capacity thus enabling them to participate in a wider range of syndicates than would otherwise be the case.