Lloyd's of London

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Related to Lloyd's: Lloyd's List, 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 ?
Everyone is far more interested in Lloyd's today," said Joanna Parsons, an analyst with HSBC Securities in London.
For three centuries, Lloyd's has been underwriting everything from wooden sailing ships to airports and oil rigs.
Middleton said, "The future potential of this product will be to open up UK and overseas distribution channels by providing Lloyd's brokers with electronic access to the Lloyd's market from anywhere in the world.
The split in premium income by method of acceptance shows a significant increase in premium volume for reinsurance, largely offset by a decrease in Lloyd's direct underwriting.
Sellek said Lloyd's last turned in positive pure results in 1996.
underwriter needs to understand and evaluate how the definitions, exclusions and conditions [in the Lloyd's form] will interact with the primary policy form.
Lloyd's had signaled a loss as far back as last November, after the combined extent of the hurricane damage had become known.
Welcoming the announcement, Lloyd's Chairman Lord Levene said:
Formerly housed at 590 Fifth Avenue, Lloyd's selected The Museum Office Building because of its excellent Midtown location and prestigious image.
However, Lloyd's study gets surprisingly positive reviews from the researchers whose data he borrowed.
Lloyd's of London has undergone a remarkable metamorphosis in the last two decades.
Risky Business: An Insider's Account of the Disaster at Lloyd's of London