How are Lloyd's syndicates structured?

Lloyd's syndicates are structured as independent entities that compete for business within the Lloyd's marketplace. Each syndicate operates autonomously, under its own management, allowing for flexibility and specialization in the types of risks they choose to underwrite. This structure encourages competition and innovation as syndicates can tailor their offerings to meet the specific needs of their clients and to adapt to market conditions.

The independence of these syndicates creates a diverse range of risk appetites and underwriting styles, which benefits policyholders by providing them with various options. Additionally, this setup allows syndicates to jointly contribute resources and share risks, yet they remain distinct entities that can exist on their own, collaborating when necessary but fundamentally competing for premiums and clients.

While some aspects of the Lloyd's market do involve collaborations, the key characteristic that defines syndicates is their independent competitive nature, enabling them to pursue individual strategies and goals within the larger platform of Lloyd's.