Broker: an intermediary working on behalf of the customer to get the best coverage or 'policy' at the most appropriate premium by negotiating with a range of underwriters.
Lloyd's of London: the world's leading specialist insurance market. 181 accredited firms of Lloyd's brokers bring in business from across the globe, to be underwritten by one of
the many syndicates operating at Lloyd's. From marine to aerospace cover, the Lloyd's market deals in specialised, high-end insurance.
Reinsurance: to protect against the risk of large claims and help ensure even financial results, insurance companies will reinsure risk that they themselves cover. It's insurance
Syndicates: a collection of Lloyd's members, who group together to underwrite risk. There are over 90 Syndicates in Lloyd's, all competing for business. Hiscox operates at Lloyd's
as Syndicate 33.
Underwriter: works on behalf of an insurance firm to price risks, working both directly with brokers or direct with clients.
Claims Underwriter: an insurance professional who investigates and settles claims. They will assess coverage under the policy, investigate liability often through the appointment
and management of third party experts and indemnify the insured based on the result of the investigation.
Profit: (earned premium + investment income) - (any incurred losses + underwriting expenses/overheads, such as salaries, office costs and costs of acquiring customers, such as marketing)