Until the introduction of the MAPA for the 1994 year of account, all Members of Lloyd’s traded as “bespoke” Members. When writing on a bespoke basis, Members trade on a variety of different syndicates, chosen jointly by their Members’ agent and by themselves, with the intention of building an optimal underwriting portfolio for each given year.
As their experience of the market grows, some Members have preferred to take a much more pro-active role in selecting their syndicate portfolios. Members discuss their specific objectives for the coming underwriting year with their Members’ Executive, and are then advised as to which syndicates to join by their Members’ Executive. They then buy and sell capacity on syndicates in the September auctions.
Unlike MAPA memebers, bespoke members can be directly involved in the trading decisions made at the capacity auctions.