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 ?
The group will be using David Lloyd's name on clubs in Australia, which will be marketed by former Australian tennis ace John Alexander.
Hiscox Ltd, through its corporate Lloyd's Name, Hiscox Dedicated Corporate Member (HDCM), owns 72.
LRCCL is wholly owned by the Corporation of Lloyd's, branded with the Lloyd's name and has been capitalised from Lloyd's Central Assets.
4 million of gross premiums from the Company's newly consolidated Lloyd's name, CRC Capital, Ltd.
com)-- Following the recent uproar about Mylan, licensed manufacturer of EpiPen[R] products, a consortium of Lloyd's names and reinsurance professionals have decided to offer a cost effective option to replace a used EpiPen[R].
The people who always should have been Lloyd's Names are coming back," said David Shipley, a founder of MAP Underwriting, a Lloyd's insurer which gets 40 per cent of underwriting capital from Names.
This was the latest in a long run of failures by MEPs to secure clear answers in the matter, following its adoption of its Perry Report on Lloyd's Names in 2003.
Petitions: Monday October 7: Discussion of petitions submitted by Lloyd's Names, with rapporteur Roy PERRY(EPP-ED, UK), Commissioner Frits BOLKESTEIN, petitioners and Lloyd's of London, Tuesday 8 October: Report by Jean LAMBERT (Greens/EFA, UK) on Ombudsman's special report on part-time work - gender discrimination; Report by Astrid THORS (ELDR, FIN) on Ombudsman's special report on public access to documents; Report by Earl of STOCKTON (EPP-ED, UK) on a petitioner's dismissal from his job
The following day, Lloyd's would release a package of radical reforms for the 300-hundred year old market--including a centralized franchise board; replacing its three-year accounting system with a conventional GAAP type; and an end to unlimited liability for Lloyd's Names.
LLOYD'S names are continuing to walk away from the insurance market despite huge increases in insurance premiums after the September 11 attacks, it emerged yesterday.
The suit, which seeks $40 million in compensatory damages and interest on behalf of 126 former Lloyd's names, charges that the broker concealed material information related to U.