Managing Agent’s Agreement definition

Managing Agent’s Agreement means an agreement between an underwriting member and a managing agent in the terms of the Standard Managing Agent’s Agreement (Corporate Member) or in the same terms as this Agreement (or where such Agreement has been amended in accordance with clause 15.1 hereof, in those terms as amended);

Managing Agent’s Agreement means an agreement between an underwriting member of Lloyd’s and a managing agent in the terms of the Standard Managing Agent’s Agreement (General) or (where the underwriting member is not party to a Members’ Agent’s Agreement) in substantially the same terms as this Agreement (or where such Agreement has been amended in accordance with clause 15.1 hereof, in those terms as amended);

Managing Agent’s Agreement means an agreement between a Name and the Managing Agent in the terms of the standard agreement set out in Schedule 3 or Schedule 4 to the Agency Agreements Byelaw (No. 8 of 1988) regulating the Name’s participation in the Managed Syndicate for the relevant Year of Account;

Examples of Managing Agent’s Agreement in a sentence

• All staff are employed by affiliated service companies, WRBSL and WRBLSL, and are recharged to the Syndicate by way of the Secondment and Services Agreements and the Managing Agent’s Agreement.

• The Syndicate is managed by the Managing Agent under the terms of a Lloyd’s Managing Agent’s Agreement.

• In the last three years, the conduct by the Managing Agent of the underwriting of Syndicates 570 and 609 is and has at all material times been carried out within the powers conferred by and in accordance with the terms and conditions of the relevant Managing Agent’s Agreement.

• The syndicate is managed by the managing agent under the terms of a Lloyd’s Managing Agent’s Agreement.

• In accordance with the Managing Agent’s Agreement, ASML accrued managing agent’s fees (0.9% of syndicate capacity) and profit commission (17.5% of profit).

• The Managing Agent’s Agreement gives the managing agent the authority to act on behalf of the members of both the ceding syndicate and the assuming syndicate (assuming that both are under its management) to effect a contract of reinsurance enabling the ceding syndicate year of account to close.

• Paragraph 8 of the Managing Agent’s Agreement which will apply for the 1990 and subsequent years of account deals with the acceptance of risks on behalf of provisional insurers.

• The related party transactions and amounts outstanding at the balance sheet date are shown below: 20232022Syndicate 1969$’000$’000 Gross written premium receivable 589 (803)Claims payable(27,747)(36,498)Expenses payable(292)(98)Allocated investment return1,190(180)Other debtors9,050-Other creditors-(4,501) In accordance with the Managing Agent’s Agreement, ASML accrued managing agent’s fees (0.9% of syndicate capacity) and profit commission (20% of profit).

• Lloyd’s expects members and managing agents to interpret clause 4.2(i) of the Managing Agent’s Agreement and compliance with the managing agent’s underlying fiduciary duties accordingly.

• Related parties (continued)The related party transactions and amounts outstanding at the balance sheet date are shown below: 20212020Syndicate 1969$’000$’000 Gross written premium receivable 83,865 76,314Claims payable(53,570)(41,183)Expenses payable(6,098)(8,956)Net interest receivable/ (payable)(23)421Other debtors22,23929,830 In accordance with the Managing Agent’s Agreement, ASML accrued managing agent’s fees (0.9% of syndicate capacity) and profit commission (20% of profit).

More Definitions of Managing Agent’s Agreement

Managing Agent’s Agreement means the managing agent’s agreement prescribed by Lloyd’s Regulations to be entered into between a Member and a managing agent;

Managing Agent’s Agreement means a managing agent’s agreement in Lloyd’s standard form as prescribed by Lloyd’s Regulation; “March 31 Balance Sheet” has the meaning given in sub-clause 5.2 (Consideration) ; “Material Adverse Change” means: (i) a material breach by FSML of the performance framework of minimum standards, resulting in Lloyd's revoking (or announcing its decision to revoke) FSML’s licences and approvals to act as a managing agent; (ii) FSA revoking (or announcing its decision to revoke) FSML's permissions under Part IV of FSMA; or (iii) the cessation of trading of the Target Group; or (iv) a material breach by the Seller of sub-clause 4.1 of this Agreement (provided that, for such purposes, a breach shall be a material breach only if such breach is of such seriousness, magnitude and impact that it is material in the context of the transactions contemplated by the Share Purchase Documents taken as a whole); “Material Adverse Effect” means a material adverse effect on the business, financial condition or results of operations of the Target Group taken as a whole (or Purchaser and the Target Group taken as a whole) excluding, in any such case, any event, circumstance or change resulting from (i) any Disclosed Matter(s), (ii) changes in stock markets, interest rates, exchange rates, commodity prices or other general economic conditions, (iii) changes in laws, regulations, accounting or actuarial practices, (iv) changes, circumstances or events resulting in liabilities under property or casualty insurance or reinsurance, including any effects resulting from any earthquake, hurricane, tornado, windstorm or other effects of weather or acts of God, attack, outbreak, hostility, terrorist activity, act or declaration of war or act of public enemies or other calamity, crisis or geopolitical event, (v) any change or announcement of a potential change in the Company's or any Subsidiary's credit, capital or financial strength rating, or (vi) any transaction contemplated by the Share Purchase Documents or the change in control resulting from the sale and purchase of the Shares, except, in the case of (ii), (iii) and (iv) above, to the extent such effect referred to therein has had a materially disproportionate impact on the business, financial condition or results of operations of the Target Group taken as a whole, relative to other companies and businesses operating in the same industry as the Target Group. In addition to the foregoing, the determination of the monetary value or impa...

Managing Agent’s Agreement means the standard form agreement between a Lloyd's Member and a Managing Agent in the form prescribed by the Agency Agreements Byelaw (No.8 of 1988);