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The first named underwriting syndicate on a Lloyd's insurance policy. When a broker seeks to cover a risk he will first try to get a large syndicate to act as lead, which encourages smaller syndicates to cover a share of the risk. The premium rate is calculated by the lead; if others wish to join in the risk they have to insure at that rate. On a collective policy the lead insurer is the first insurer on the schedule of insurers; he issues the policy, collects the premiums, and distributes the proportions to the coinsurers.

Subjects: Financial Institutions and Services.

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