Lloyd's of London

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Related to Lloyd's: Lloyd's List, Lloyd's Register

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 ?
But the new Lloyd's offer, which shaves $62 million from what it says its American investors owe, is not expected to halt numerous lawsuits by investors who say the 300-year-old institution duped them.
The importance of the risk of a failure at Equitas has reduced as the level of Equitas' net technical reserves decreases and the potential impact of a severe adverse development becomes less significant, taking into account the relative size of the current Lloyd's trading market.
Sidman's home was searched for any evidence that he may have committed first-degree assault against Lloyd, and Lloyd's residence was searched for any evidence to suggest that he had killed Sidman.
This Central Fund, to which every Lloyd's member makes an annual contribution, is accessed at the discretion of the Council of Lloyd's to meet any valid claim that cannot be met by the resources of any member.
Luke Savage, Lloyd's finance director and acting chief executive, offered a similar assessment of the 2005 catastrophe picture, describing it as worse than "anything we've seen before.
We are very excited that such esteemed tenants as Lloyd's and Protege Partners have selected The Museum Office Building among many other possible options," said Ms.
Further work needs to explore whether other theories can account for global patterns of brain activity better than Lloyd's does, he adds.
The developments regarding the so-called Jaffray case--a lawsuit in London's High Court that could have gone either way, branding Lloyd's as a fraudulent operation or eliminating any question of Lloyd's integrity--is one example of Lloyd's willingness to go all out to end the troubles of the past.
Luessenhop is indeed an "insider," one of the thousands of American sponsors of Lloyd's insurance syndicates who lost money, and she is out to expose the perpetrators.
The reason Lloyd's exposure has been significantly less than it had been for earlier disasters is because American insurers are retaining larger amounts of risk due to the contraction of the London reinsurance market.
The Best's Syndicate Rating of A (Excellent) and ICR of "a+" of Lloyd's Syndicate 33 have been affirmed.
Lloyd's believes that the switch, which eventually will be followed by the adoption of International Accounting Standards, will increase transparency and make it easier for outsiders to understand the workings of the market.