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Indeed the incentive to form a captive company for many large industrial concerns was that the insurance market generally was not prepared to write particular risks or provide full cover (an example would be insurance guaranteeing a product's performance).

 

 

MUTUAL INDEMNITY ASSOCIATIONS

Mutual indemnity associations differ from mutual companies in that the latter will accept business from the public at large, whereas an indemnity association originally would only accept business from members of a particular trade. Over the years many of the associations have had to accept business from members of the public in order to have greater financial stability and spread of risk and have been reformed as mutual or proprietary companies.Examples of trades which had such associations at one time were pharmacists, farmers, furntiure manufacturers and shipowners.

 

 

 

 

 

LLOYD'S UNDERWRITERS

There are just over 26,000 members of Lloyd's grouped into approximately 400 syndicates. The trend seems to be a reducing number of richer members (names) grouped into larger syndicates. These syndicates can be made up of only a few members or in some cases more than a thousand.

We should note that the "names", the underwriting members, are not normally insurance professionals. They come from many walks of life including the professions, the world of entertainment, the aristocracy etc. Each underwriting member is, however, fully and personally liable for all the business written on his behalf by the underwriter of the syndicate.

In view of this unlimited liability it is essential that strict regulations apply to any person wishing to become an underwriting member. For example UK member must nowadays provide evidence of minimum means of 250,000 pounds and also deposit a proportion at Lloyd's.

 

 

INTERMEDIARIES

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