Which governing body assigns the syndicate number?

The syndicate number is assigned by The Council of Lloyd's, which oversees the operations of Lloyd's of London, a prominent insurance and reinsurance market. The Council plays a crucial role in maintaining market standards and ensuring compliance with regulations. By assigning syndicate numbers, The Council provides a way to identify different syndicates, facilitating the ongoing organization and management of risks within the Lloyd's market. This ensures that each syndicate is recognized consistently, enhancing accountability and transparency in transactions.

The Financial Service Authority, while relevant to regulatory aspects in the wider financial sector, does not have the specific function of assigning syndicate numbers. Managing Agents are responsible for the day-to-day operations of the syndicates, but they do not assign syndicate numbers; they operate within the framework set forth by The Council of Lloyd's. Cover Holders are entities that have the authority to enter into contracts of insurance on behalf of a syndicate, but they are not involved in the administrative task of assigning syndicate numbers. Thus, The Council of Lloyd's is the appropriate governing body for this function.