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 ?
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.
Lloyd's of London insurance market is a collection of about 80 competing insurance syndicates housed in a landmark building at the heart of London.
Lloyd's of London on the head of a pin will be unveiled at the auction and accompanied by the first exhibition of Willard's work by the David Lloyd Gallery following the former Davis Cup captain's acquisition of the 70 piece collection earlier this year.
Today's regatta is a symbol of the cooperative spirit of the insurance industry, especially in two of its global centers, the great cities of London and New York," said Julian James, director of worldwide markets at Lloyd's of London.
Lloyd's of London say they ended their dealings with now-defunct insurance group The Management Company last July and that new policies they are said to have backed are probably invalid.
Almost half of this liability, about 47 per cent, will be passed on to UK insurers as reinsurance, including Lloyd's of London, with holds 15 per cent of that reinsurance.
Boxing promoter Don King said he is being prosecuted for a victimless crime after being arraigned Wednesday in New York on an indictment that charges he and his business cheated Lloyd's of London.
Lloyd's of London has issued many of the celebrity policies, with such clients as Billy Joel, the Rolling Stones, and Michael Flatley.
LONDON -- Lloyd's of London today announced revisions to its proposals for the modernization of the 300-year-old insurance market back in January.