Managing agent
Entity accredited by the Lloyd's Market Association responsible for managing one or more Lloyd's syndicates and authorizing underwriting on their behalf.
The managing agent is the management company accredited by Lloyd's that administers one or more Lloyd's syndicates. It recruits and supervises active underwriters, defines risk appetites, sets underwriting limits and is responsible to Lloyd's for compliance with regulatory requirements and market guidelines. In the context of LMA cyber war clauses, managing agents bear direct responsibility: Lloyd's bulletins (notably Y5381) require them to verify the compliance of the cyber clauses used in each policy and to document their approach to state attribution when using variants without an attribution clause (B versions). The managing agent is distinct from the capital provider (the Names or member companies), who provides capital but delegates management to the managing agent. The LMA (Lloyd's Market Association) publishes standard clauses that managing agents are invited to use, including the LMA 5564 to 5567 series.
A managing agent running a cyber-specialized syndicate renews in January 2024 a portfolio of cyber policies for European mid-size companies. It must verify that each policy contains a clause compliant with Lloyd's bulletin Y5381 (type 1, 2 or 3) and document its state attribution protocol for B-version policies.
Lloyd's managing agent, managing agency, syndicate manager
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