Lloyd's of London


Also found in: Dictionary, Encyclopedia, Wikipedia.
Related to Lloyd's of London: Lloyd's Register

Lloyd's of London

An insurance and reinsurance market in London. Active since the 1600s, it is not a company, but instead a society of individual and corporate members, who come together to spread and pool risk between themselves. Thus, Lloyd's insurance policies are backed by the financial stakes of its members. Lloyd's does not underwrite policies itself (it leaves that to members). but instead acts as a de facto regulator for the conditions under which its members offer policies.

Lloyd's has a three-tiered corporate structure: members, managers, and syndicates. Members provide capital and employ one or more underwriting syndicates. Managers provide the business infrastructure to syndicates for insurance and reinsurance policies. Syndicates underwrite risks and handle claims on particular policies. Complex and/or expensive policies often involve multiple syndicates. Lloyd's also employs brokers and service companies to facilitate transactions between clients and Lloyd's.
References in periodicals archive ?
Lloyd's of London said the new rule was something it had been considering for a while.
Ludwig represented more than a dozen named plaintiffs against several brokers who sold surplus lines of insurance through the Lloyd's of London marketplace.
AEG Live, which a Los Angeles jury found not liable in Jackson's death, was also initially named in the Lloyd's of London lawsuit, but the promoter dropped its claim in 2012 after leaked emails showed company executives were concerned about the singer's stability ahead of the performances.
OFFICE BOY: Wills at Lloyd's of London (above) and (below) examining paperwork dealing with insurance risks; LOOK AND LEARN: Prince William is shown the Stock Market ropes at HSBC's headquarters
You may know Lloyd's of London as the venerable, old-line British insurance house where the employees wear red tailcoats with brass buttons and where policies are written on all sorts of oddball risks that no one else has the imagination to insure: Betty Grable's legs, Bob Feller's fastball, the Space Shuttle, offshore oil rigs, and the Dallas Cowboys.
reinsurance division of Tradition, a leading interdealer broker and a subsidiary of Compagnie Financiere Tradition, and Alwen Hough Johnson (AHJ), a leading Lloyd's of London broking house, today announced that they have entered into a strategic trading relationship to facilitate Tradition's access to Lloyd's and the broader London market for their specialized retro products, including Industry Loss Warranties (ILWs).
The head of Lloyd's of London, the world's oldest insurance market, has said that firms are still lacking in insurance cover against cyber threats.
LONDON (Reuters) - Nephila Capital, a fund manager that invests in natural catastrophe insurance, is to give a broad range of investors access to reinsurance-linked investments for the first time via the Lloyd's of London insurance market.
A low level of catastrophe claims helped the Lloyd's of London insurance market announce a sharp improvement in profitability yesterday .
He has recreated one of London's leading landmarks and home to the world's insurance markets, the iconic Lloyd's of London building, on the head of a pin.
is an international holding company, headquartered in New York City, with insurance operations, underwriting management companies and operations at Lloyd's of London.
This monograph is almost a history of the great structures of the twentieth century -- Sydney Opera House, Centre Beaubourg, the Menil Collection, Bari stadium, Lloyd's of London, Kansai Airport and many others.