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 ?
James, who has been with Lloyd's since December 1997, had a high profile within the market, promoting the Lloyd's name around the world.
A Lloyd's spokesman said: "Certain travel insurance policies bearing the Lloyd's name have been issued without authority."
He said the franchise has great value, allowing insurance buyers to shop among competitors in a unique environment and come away with a "security" that bundles coverage from multiple underwriters under the Lloyd's name.
The main court case ended earlier this month with the judge clearing Lloyd's name, though other actions rumble on.
As a Lloyd's Name in the Eighties she lost everything but her house and her old age pension and Marcus hopes the return of the the characters who enthralled a generation of children will go someway to restoring her fortune.
The 64-day trial arose as a countersuit by Lloyd's Name Sir William Jaffray against legal action by Lloyd's to collect his unpaid debts to the Society of Lloyd's.
The group will be using David Lloyd's name on clubs in Australia, which will be marketed by former Australian tennis ace John Alexander.
Lewes, DE, September 23, 2016 --(PR.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].
Many Lloyd's names (syndicate investors) were facing financial ruin from unlimited liability for a growing spiral of losses, and the market was facing a serious crisis of confidence.