Lloyd's of London

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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 ?
The industry as we recognize it began when captains studied news of shipping losses at Lloyd's Coffee House in 17th-century London.
Originally known as The List, the publication was founded in 1734 by coffee shop proprietor Edward Lloyd, who provided the free shipping information service to his clients hoping they would in turn invest in insurance from Lloyd's coffee house.
Marine insurance became an industry, and in 1688, Edward Lloyd's Coffee House, a small shop on London's Tower Street, became known as the prime gathering place for ship captains, ship owners and merchants.
The 1958 Lime Street building replaced premises occupied by Lloyd's since it was founded in John Lloyd's coffee house in 1689.
Edward Lloyd's coffee house opens in London -- later becomes Lloyd's of London.
Visitors will enter the gallery through an original 17th-century shop front, which served as the entrance to Lloyd's Coffee House, an early meeting place for ship insurers, later developing into the global enterprise of today's Lloyd's of London.
Lloyd's Register has a 250-year history of independently assessing the safety and performance of ships and offshore structures In 1760, 11 men met in Edward Lloyd's coffee house to talk about publishing a list of ships, a register to define their quality and safeguard life and property carried on them.
Since it first began providing shipping and cargo coverage out of Edward Lloyd's Coffee House in 1688, Lloyd's of London has been a key player in the global reinsurance sector.
Underwriting has been around even before the days of Edward Lloyd's Coffee House in London.