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Related to Lloyds: Lloyds Bank, Lloyd's of London

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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).
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
Lloyd's said the small deficit represented an "excellent performance" and a figure "unthinkable" a few years ago, prior to reforms.
But residents say those who choose to stay with the Maypole Street branch of Lloyds will have to drive about four miles to the nearest other branches in Kingswinford or Sedgley.
Today is the last day when Lloyd's market practitioners can provide input to the Future at Lloyd's project, which (https://www.insurancejournal.com/news/international/2019/05/01/525197.htm) was first announced on May 1.
A ComRes poll surveyed 2,600 respondents and found that 84% would back a public inquiry into whether management concealed the HBOS fraud before its takeover by Lloyds at the height of the financial crisis.
As Lloyd's accelerates its own digital transformation, our subsidiary will be at the forefront of our modernisation drive to deliver the most innovative services to our EU27 clients.
Part of the government backed Lloyds Banking Group, Lloyds Bank on Thursday reported that benefits for Club Lloyds customers have been extended with a new credit card offer.
The "revitalisation" of Lloyds means the bank, which has a 250-year history and 1,300 branches across England and Wales, has changed its branding to reflect the dropping of TSB from its name as well as changing its website from lloydstsb.com to lloydsbank.com.
Lloyds, which is 39% owned by the UK government, has enlisted the help of Goldman Sachs Group Inc (NYSE:GS) for the potential sale, according to the sources.
Reality: "Lloyds is not an insurance company like CNA, Chubb or Travelers," says Hank Watkins, president of Lloyd's USA.
Lloyds Banking Group is edging towards full privatisation, after the government bailed out the lender in 2009 and left the taxpayer owning 40% of the bank.
Part-nationalised British bank Lloyds gave its new chief executive Antonio Horta-Osorio a long-term pay deal potentially worth some 10 mln pounds ($16 mln), according to its annual report.