Lloyds of London

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Lloyds of London

A marketplace in London for underwriting syndicates.

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 ?
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Underwriters at Lloyds of London and other London Market reinsurers were represented by Thomas J.
Consequently, the Company has obtained replacement coverage from its previous provider, Lloyds of London.
The fact that our rights-enabled applications facilitate a direct financial benefit to our customers in terms of optimized liability insurance rates from certain syndicates at Lloyds of London validates the importance and strength of our applications and of the InterTrust DRM technology," said Larry McArthur, chairman and CEO of TrustData Solutions.