AEGIS London
AEGIS London is the trading name of AEGIS Managing Agency Limited, the UK-based subsidiary of AEGIS (Associated Electric & Gas Insurance Services Limited). AEGIS London acts as the Lloyd’s underwriting agent for AEGIS Energy Syndicate 1225 which has a capacity of £200 million for 2009.
AEGIS International
AEGIS Electric & Gas International Services Limited (“AEGIS International”) is a corporate member of Lloyd’s of London and is the sole capital provider for risks assumed by AEGIS Energy Syndicate 1225.
AEGIS
(Associated Electric & Gas Insurance Services Limited)
AEGIS, the ultimate parent company of AEGIS London, is a mutual insurance company owned by its policyholder-members, with gross written premiums of more than US $1 billion. It was established in Bermuda in 1975, and is an eligible surplus lines insurer in most jurisdictions in the United States. AEGIS is also a fully-licensed insurer in all Canadian provinces.
AEGIS aims to provide its members with superior insurance and risk management products through a secure and stable market to enable members to achieve the lowest overall long-term cost of risk. Industry sectors covered include gas and electric utilities, related energy companies, water utilities, pipeline companies, transmission & distribution companies, and oil and gas exploration and production companies.
Lloyd's of London
Lloyd's is the world's leading insurance market providing specialist insurance services to businesses in more than 200 countries and territories.
The Lloyd's market
Lloyd's is not an insurance company but a society of members, both corporate and individual, who underwrite in syndicates on whose behalf professional underwriters accept risk. Supporting capital is provided by investment institutions, specialist investors, international insurance companies and individuals.
Lloyd's brokers bring business to the market. The risks placed with underwriters originate from clients and other brokers and intermediaries all over the world.
This diagram is a basic representation of the structure of the market and its participants. A detailed description of the participants can be found below.
Members of Lloyd's
Members of Lloyd's, or 'capital providers' as they are often known, accept insurance business through syndicates on a separate basis for their own profit and loss (in other words, members of Lloyd's are not jointly responsible for each other's losses). The membership of Lloyd's is currently made up of companies, individuals and Scottish Limited Partnerships. Individual members, or 'Names' as they are often known, tend to support a number of syndicates, whereas some corporate members only underwrite through a single syndicate.
Syndicates
Lloyd's members conduct their insurance business in syndicates, each of which is run by a managing agent.
The syndicates operating within the market cover many speciality areas and compete for business. Syndicates cover either all or a portion of the risk and are staffed by underwriters, the insurance professionals on whose expertise and judgment the market depends.
Managing agents
It is the responsibility of the managing agent to employ the underwriting staff and manage the syndicate on the members' behalf. The managing agent must be a company specifically established for the purpose of managing a syndicate, and it may not carry out any other function. A managing agent may be responsible for more than one syndicate.
