Lloyd's (Firm)

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• Hodgson, G. Lloyd's of London, 1983:CIP t.p. (Lloyd's of London) galley (Lloyd's)
• LC data base, 6-13-84(hdg.: Lloyd's)
• LCN2015

Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament. It operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or "members", include both corporations and private individuals, the latter being traditionally known as "Names". The business underwritten at Lloyd's is predominantly general insurance and reinsurance, with a small amount of term life insurance. The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee-house on Tower Street c. 1689, making it one of the oldest insurance companies in the world. Today, it has a dedicated building on Lime Street, a Grade I historic landmark. Traditionally business is transacted at each syndicate's "box" in the underwriting room, with the policy document being known as a "slip", but in recent years it has become increasingly common for business to be conducted remotely and electronically. The market's motto is Fidentia, Latin for "confidence", and it is closely associated with the Latin phrase uberrima fides, or "utmost good faith", representing the ideal relationship between underwriters and brokers. Having survived multiple scandals and significant challenges through the second half of the 20th century, most notably the asbestosis losses which engulfed the market, Lloyd's today promotes its strong financial "chain of security" available to promptly pay all valid claims. As of 31 December 2024, this chain consists of £92.5 billion of syndicate-level assets, £30.5bn of members' "funds at Lloyd's", and £2.9bn in a third mutual link which includes the "Central Fund" and which is under the control of the Council of Lloyd's. In 2023 there were 78 syndicates managed by 51 "managing agencies" that collectively wrote £52.1bn of gross premiums on risks placed by 381 registered brokers. Around half of Lloyd's premiums are paid from North America and around one quarter from Europe. Direct insurance represents roughly two-thirds of the premiums, mostly covering property and casualty liability, while the remaining one-third is reinsurance.