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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.

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 ?
Lloyd's said the consultation period, which began on May 1 and ended on July 10, "generated more than 4,000 insights, including almost 500 online survey respondents and 300 interviews involving more than 600 people."
Lloyd's said that the consultation period, which began on May 1 and ended on July 10, generated more than 4,000 insights, including almost 500 online survey respondents and 300 interviews involving more than 600 people.
But Lloyd's, while it may be up against the ropes, is by no means down for the count or even on its knees.
A quote target will also be introduced in the second quarter, and all targets will now apply to both lead and follow business, Lloyd's said.
Months after delivering their first born, celebrity couple John Lloyd Cruz and Ellen Adarna were recently spotted partyingthe night awaywith some friends, including actress Beauty Gonzalez.
It affirmed the Society of Lloyd's Long-Term Issuer Default Rating (IDR) at 'A+' and subordinated bonds at 'A-'.
Lloyd's chief commercial officer, Vincent Vandendael, has decided to leave the corporation.
Lloyd Macey's life has been turned upside down since he appeared in The X Factor last year.
As of 2016, there are about 2,500 Lloyd's coverholders producing 30 percent of Lloyd's premium income each year.
Henry Lloyd at the dealership in North Shields THE new home for prestige, sport and luxury cars in the North East is Lloyd Limited at North Shields.
Summary: Deal recognises responsibilities, common interests between Lloyd's, DFSA