[L072]

Lloyd's underwriter

Once an individual is able to show proof of a rather significant financial net worth and is willing to participate as a member by putting that net worth on the line as collateral, that individual must then be elected by the Lloyd's membership in order to become a members of Lloyd's of London. Those persons are also known as "Lloyd's names" or "Lloyd's members." Individuals are insurers or underwriters; the group is Lloyd's. Lloyd's underwriters are responsible only for their own assumptions of risk. They are not obligated for any risk assumed by others even if in the same syndicate, on the same account, or otherwise a part of the Lloyd's organization.