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🏛️ '''Name (Lloyd's)''' is an individual member of the [[Definition:Lloyd's of London | Lloyd's of London]] market who provides [[Definition:Underwriting capital | underwriting capital]] to support one or more [[Definition:Lloyd's syndicate | Lloyd's syndicates]]. Historically, Names were wealthy individuals — often referred to as "members" — who pledged their personal wealth on an unlimited liability basis to back insurance risks written at Lloyd's. Although the market opened to [[Definition:Corporate capital | corporate capital]] in the 1990s and the vast majority of capacity today comes from corporate members, individual Names remain a distinctive feature of Lloyd's structure and heritage.

💼 Each Name participates in one or more syndicates through a [[Definition:Members' agent | members' agent]], who advises on syndicate selection and manages administrative responsibilities on the Name's behalf. The syndicate's [[Definition:Managing agent | managing agent]] handles day-to-day [[Definition:Underwriting | underwriting]] and [[Definition:Claims management | claims management]], while the Name's role is essentially that of a capital provider. Profits or losses from the syndicates flow through to the Name in proportion to their allocated share of the syndicate's capacity, typically settled on a three-year accounting basis known as the [[Definition:Lloyd's three-year accounting | Lloyd's three-year account]]. Individual Names historically accepted unlimited liability, meaning their personal assets stood behind policy obligations — a structure that proved devastating during the catastrophic losses of the late 1980s and early 1990s. Today, most individual Names trade through limited liability vehicles called [[Definition:Namecos | Namecos]] or [[Definition:Scottish limited partnership | Scottish limited partnerships]] to cap their exposure.

🔍 The role of the individual Name shaped Lloyd's identity for centuries and remains relevant to understanding how the market's capital structure differs from that of conventional [[Definition:Insurance company | insurance companies]] or [[Definition:Reinsurance | reinsurers]]. The shift from individual to corporate capital fundamentally altered the market's risk profile and governance, but Names still contribute a meaningful, if small, portion of total capacity. For anyone navigating [[Definition:Lloyd's market | Lloyd's]] — whether as a [[Definition:Coverholder | coverholder]], [[Definition:Broker | broker]], or prospective capital provider — understanding what a Name is clarifies how risk, reward, and liability have been distributed within this unique marketplace.

'''Related concepts'''
{{Div col|colwidth=20em}}
* [[Definition:Lloyd's of London]]
* [[Definition:Lloyd's syndicate]]
* [[Definition:Corporate capital]]
* [[Definition:Managing agent]]
* [[Definition:Members' agent]]
* [[Definition:Underwriting capital]]
{{Div col end}}

Definition:Name (Lloyd's) - Revision history

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