HAL deals with the affairs of both limited and unlimited liability Members.   No matter on what basis the Member trades, all HAL Members either participate on a “MAPA” or “bespoke” basis. Some Members elect to underwrite on a combined basis. 

A MAPA is essentially a spread fund of syndicates that is run by a manager.   A Member elects to join a MAPA fund if they wish to underwrite within a managed fund.  HAL operates 8 MAPA funds for the 2012 account, whose collective total underwriting amounts to £326.9 million.  Certain members of HAL have the responsibility for the choice and administration of its portfolio.  A significant advantage of trading in a MAPA is that the individual Member does not have to make decisions regarding individual syndicates within the portfolio to trade in the capacity auctions, as this is the responsibility of the MAPA Manager.  Although the Member may be underwriting in a MAPA, the Member still retains all capital proceeds that are realised by the sale of its share of syndicates held within the MAPA. HAL publishes an annual MAPA report which is sent to all members of the applicable MAPA in question.  This covers the performance of the MAPA, gives forecasts and a commentary on the trading prospects of each MAPA.

It is currently HAL’s intention to set-up a MAPA for new Members for the 2013 account (which will seek to purchase syndicate capacity in the Lloyd’s capacity auctions that will be held in September 2012).  As a general rule, HAL would recommend that all new Members consider joining the new MAPA, as this is normally the easiest and most cost-effective way for new Members to enter the Lloyd’s market in the first instance.  As Members gain more knowledge and experience of underwriting at Lloyd’s, they may choose to add extra stand-alone “bespoke” syndicates to their core MAPA holding.