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 ?
Looking at the total chain of security, the aggregate resources of Lloyd's Names and the Society amount to nearly US$38 billion.
CALLOUS: A page from the report in the Lloyd's Names newsletter which says September 11 presents a great chance to make money; PROFITS: The Lloyd's building, London
This includes 53 per cent of Lloyd's Names resident in the United States.
The non-aligned capacity is provided by Lloyd's Names.
Lloyd's Names, the wealthy individuals who financed the legendary insurance market for more than 300 years, present Lloyd's with a classic conundrum: It can't live with them, but it can't live without them--at least not yet.
Lloyd's of London may abolish its famous system of Lloyd's names in a major overhaul of the world's biggest insurance market.
So I was delighted to read this week that Lloyd's names are being asked to stump up a few bob more.
Capacity for the syndicate's 2009 year of account is provided by Ariel's corporate Lloyd's member, Atrium 5 Limited (25%) and third party capital providers, largely traditional Lloyd's Names (75%).
5%) and third party capital providers, including traditional Lloyd's Names.
The syndicate's capacity for the 2008 and 2009 years of account is provided by Atrium's corporate Lloyd's member, Atrium 5 Limited (25%) and third party capital providers, largely traditional Lloyd's Names (75%).
We have two overriding objectives: to endeavour to ensure true finality for Lloyd's Names and, in time, to achieve a surplus which will enable us to return to Names part of the premium they paid to Equitas.