Veteran Lloyd’s underwriter Michael Meacock dies: Obituary

The celebrated “Father of the House” Lloyd's underwriter Michael Meacock has died aged 85.

He passed away while on holiday in Antigua with his family at his side.

Meacock was the oldest active Lloyd’s underwriter with a 60+ year Lime Street pedigree. He remained a regular fixture on his Syndicate 727’s Lloyd’s box throughout his career.

In contrast to the modern Lloyd’s underwriter, Meacock continued to take great personal exposure to the risks he underwrote on behalf of his Syndicate’s Names and backers. Last year, for example, he underwrote more than £6mn capacity on Syndicate 727 and with his family also participating separately. He also participated indirectly via a corporate capital vehicle. A huge supporter of the traditional, third-party capital Lloyd’s model, he inspired a tremendous following among Lloyd’s Names.

He was also a passionate commentator on the Lloyd’s market, Meacock regularly made his position known on some of the thornier subjects debated in the market, when other executives would shy away. He was also steeped in Lloyd’s pedigree. His managing agency SA Meacock took the initials of his grandfather Sydney Arthur Meacock who –according to Lloyd’s legend – underwrote at Lloyd’s until the ripe age of 94 years of age. His father John was also a Lloyd’s underwriter and Michael took over in 1966.

With this pedigree it was perhaps no surprise that Michael had in abundance many of the qualities necessary to be a skilled underwriter: a superb memory, great attention to detail, integrity and an understanding of risk. It will be a comfort to his family and friends that he passed away while still doing the job he loved.

He was also a model of consistency – another great virtue in underwriting. He lived in the same house since marriage, never held a driving licence and was a regular fixture on the Meacock underwriting box in the “Room”. Legend has it that he chose the number 727 for his syndicate shortly after Boeing had launched the airliner jet of the same number.

Syndicate 727 remained a small syndicate at a time when the received wisdom was “big” is always “better”. Occasionally some would say his talents deserved a larger stage but it was a conscious decision and it enabled 727 to navigate the soft market challenges without the heavy losses experienced by others. Names never complained but it did mean it became a difficult syndicate to join: the price of capacity in the Lloyd’s auctions was always extremely high.

In 2021, Syndicate 727 posted a combined ratio of 91.8 percent based on UK GAAP accounting. GWP totalled £92mn while the profit on the general technical account was £9.3mn.

Michael’s son, James Meacock became an executive director at the managing agency in 2016.

SA Meacock is led by Karl Jarvis as CEO.

Deputy underwriter, Alec Taylor, will assume overall responsibility for underwriting on an interim basis until a permanent replacement for Meacock is appointed.

Jarvis released the following statement: “It is with much sadness that I write to let you know that Michael Meacock, active underwriter of Syndicate 727 for over fifty-five years, has passed away quietly at the age of 85, while enjoying an annual holiday in Antigua.

“His family were with him at his passing.”