Every individual Name must have a members’ agent. The role
of the members’ agent is to place the Name on syndicates, and
to advise on matters affecting the Name. Members’ agencies
are usually companies. The number of members’ agents has
declined steeply as the number of Names has fallen. They charge
Names fees for their services, including the establishment of
Namecos.
In placing their Names on syndicates, members’ agents
should be concerned to find a spread of risk suited to the
individual circumstances and objectives of the Name in question.
Large company members of Lloyd’s are not required to
have members’ agents. They may appoint a Lloyd’s
adviser instead.
Members’ agents appoint trustees (in practice, the
corporation of Lloyd’s itself) for a member’s Funds at
Lloyd’s (
LLM1200).
MAPAs were introduced in 1994. They are not members of Lloyd's.
They are operated by members' agents and are a purely
administrative arrangement that allow members to spread their risk
even further by underwriting on a pooled basis with other members
on a large number of syndicates. The share of business a member has
on any one syndicate under these arrangements will be very small.
All types of member can participate in MAPAs although in practice
large company members do not.
More information on MAPAs is at
LLM1150 and
LLM8110.
