Institute of London Underwriters


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Institute of London Underwriters

A group of insurance companies in the United Kingdom that pool risk for marine and air insurance. It draws up standardized contracts for members and settles claims. While the Institute is not part of Lloyd's, the two organizations work together for common goals. It was established in the late 19th century.
References in periodicals archive ?
When Len Campbell, chairman of the Institute of London Underwriters, reported his findings at the end of 1995, he talked of recent marine market improvements being easily jeopardized by "irresponsible underwriters" who refused to stop "demonstrating an unhealthy desire to maintain or increase premium volume regardless of the level of rating." He added: "Unmistakable signs indicate that we are no nearer to managing the cycle than our predecessors were."
The London Underwriting Centre is mostly for non-marine insurance; as such it will complement the existing company-owned marine center, the Institute of London Underwriters (ILU).
The idea of a new insurance and reinsurance bourse, a potential rival to Lloyd's and the Institute of London Underwriters, has been incubating for little more than a year.
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