21.1 EU Directives require the production of syndicate accounts for syndicates, aggregate accounts for the members of Lloyd’s as a whole (the “globals” — a necessary derogation from the requirement for consolidated accounts)1 and company accounts for individual corporate members. For the purposes of the EU Insurance Accounts Directive (91/674/EEC) not only “the association of underwriters known as Lloyd’s” but also individual syndicates are regarded as “insurance undertakings”.2