A MAPA (an acronym of Members’ Agency Pooling Arrangement) is a spread fund of syndicates that is run by a manager. HAL operates 9 MAPA funds for the 2010 account, whose collective total underwriting amounts to £358.5 million. If a Member elects to join a MAPA, certain members of HUR have the responsibility for the choice and administration of its portfolio. HUR’s syndicate research underpins the construction and administration of the MAPA funds. HUR publishes an annual MAPA report which is sent to all members of the MAPA in question. This covers the performance of the MAPA and gives forecasts and a commentary on the trading prospects of each MAPA.