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Related to Lloyds: Lloyds Bank, Lloyd's of London

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.

Lloyds (of London)

a corporation whose membership comprises a group of some 31,000 INSURANCE BROKERS and INSURANCE COMPANIES engaged in the UNDERWRITING of INSURANCE risks. Lloyds itself does not perform any underwriting business; its member brokers and insurers either act individually in arranging insurance cover for clients, or, in the case of particular types of insurance risk, operate together on a consortium or syndicated basis. What Lloyds does is to provide a forum for organizing syndicated insurance groupings and to validate the integrity of its members in the eyes of the public (i.e. members of Lloyds are expected to conduct their business in a fair and honest way and to deposit funds with it as a surety).
References in periodicals archive ?
The UISL model, says Thompson, has brought a new set of challenges to Lloyds TSB since its inception in February.
Contains a study of the major internal and external factors affecting Lloyds Banking Group plc in the form of a SWOT analysis as well as a breakdown and examination of leading product revenue streams of Lloyds Banking Group plc
Lloyds TSB has combined the roles of underwriter and distributor, taking on certain risks itself while sourcing some to other insurers.
Guests at the event, which was also attended by Lloyds TSB Commercial Finance managing director Ted Ettershank, enjoyed wine and canapes with entertainment provided by a traditional Irish band.
Gavin Golbourn, Head of Production Support, Lloyds TSB Corporate Markets, said, "We wanted to create an architecture that would be as robust as possible and that could easily grow along with us.
Darryl West, Director of Group IT at Lloyds TSB, said, "The move to Faster Payments is an important infrastructure change for us.
ReconNET gives Lloyds TSB Asset Finance Division the ability to identify exceptions within one business day instead of a week or more.
Lloyds TSB is using the SumTotal Enterprise Suite, including the TotalPerformance module, to drive its Performance Learning Management System (PLMS) initiative.
Rob Blanchard, Regional Director of Lloyds TSB Corporate Banking, commented: "We were delighted to be able to conclude this transaction with EMRISE's U.
Lloyds TSB, the 3rd largest credit card issuer and largest debit card issuer in the UK, announced today that following a successful six-month Verified by Visa pilot, it has selected Cyota to add MasterCard SecureCode to the service and roll it out in a phased basis to Lloyds TSB's 15 million credit, debit and chargecard holders.
In today's fast-paced world, customers expect and deserve immediate access to information and the ability to make transactions at any time over the phone," said Peter Littlewood, senior manager, IVR service development, Lloyds TSB.
Lloyds TSB, a leading UK financial services group, has selected SAS(R) Risk Management for Banking software to provide a foundation for risk management that goes beyond Basel II compliance.