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 ?
A spokesman for Lloyd's of London described the exposure as being 'not material'.
The fund's board is said to be in talks to acquire AIG's business at Lloyd's of London, and a related reinsurance company based in Bermuda.
"Hong Kong regulators have information-sharing arrangements with the CIRC, but there are huge differences between the mainland and Hong Kong," said Julian James, director of worldwide markets for Lloyd's of London. "They are cooperating, but they are working on the premise of one country, two systems."
A spokesman for Lloyd's of London would not deny reports that the system was being reviewed.
Lloyd's of London's specialty insurance group, Chaucer, has formed a strategic partnership with France-based insurance provider, AXA.
New super-City watchdog the Financial Services Authority will get extensive powers to supervise the Lloyd's of London insurance market, the Government announced yesterday.
Lloyd's of London is said to be looking to expand its business into Islamic insurance or takaful, according to Reuters.
Most policies covering agribusiness specifically exclude mad cow disease or Bovine Spongiform Encephalopathy from policies, leaving it up to niche underwriters such as General Fire & Casualty' and Denver-based Farm Credit Services Inc., which offers BSE coverage through Lloyd's of London.
Lloyd's of London insurance market has appointed its first ever female chief executive, according to Reuters.
Paul's Lloyd's of London operation, Cassidy Davis, has underwritten coverage in the Lloyd's marketplace for more than 20 years.
China-based insurance firm Ping An has announced a plan to purchase the Lloyd's of London building.
Ian Harrison, an underwriter for Lloyd's of London Syndicate Beazley, said that "Europeans don't like" genetically modified products and have demanded traceability in the food chain.