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 ?
I was approached to become a Lloyds name, a supposedly privileged sure-fire way of earning easy money.
Lloyds is now merged with Halifax Bank of Scotland and, although the two brands are still being used, it is likely in the very near future that only the Lloyds name will be used in corporate banking.
He lived for many years at Mount House next to the church, but sold it when he lost money as a Lloyds name.
City maverick "Tom" Wilmot, 51, a Lloyds name who has taken many companies public including London's Hard Rock Cafe, has bought Skynet 2000 from receivership.
After a festive meal, the family adjourned to the lounge and Dr Ian Reid Entwistle,a Lloyds Name, was alleged to have stabbed his stepson Robert Fachiri.
Like the Lloyds names before them, content to lap up the cream in the good times, they blame everyone else in the bad.
LLOYDS Names who suffered in the insurance crash faced ruin in Money Money Money (BBC1).
Examples would be the great storms of 1987 which precipitated the Lloyds names having to pay into the insurance system for the first time 20 years, or the Chernobyl disaster.