Lloyd's of London

Lloyd's of London commonly known as Lloyd's, is an insurance and reinsurance market, founded in 1689, is located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate entity governed by the Lloyd's Act of 1871 and subsequent Acts of Parliament. It operates as a partially mutualized marketplace within which multiple financial bakers, grouped in syndicates, come together to pool and spread risk. These underwriters, or members, are a collection of both corporations and private individuals.

The Insurance underwritten at Lloyd's is predominantly general insurance and reinsurance, although a small amount of term life insurance is also written.

 

Lloyd's Syndicate

Lloyd's Syndicate is a group of underwriters on the Lloyd's insurance market, consisting of active underwriters who arrange the business and non-working underwriters who stand surety for any insurance claims which may arise.

Lloyd's of London is the world's leading insurance market, and with the resources behind its policies come from the risks that individual underwriters accept on behalf of corporate and individual members.

Lloyd's Syndicate is a competitive market made up of underwriters. Behind the Syndicate is the Lloyd's Corporation, which is not an insurer but an independent organization and regulator that acts to protect and maintain the markets reputation. It provides services and original research, reports and analysis to support the industry's knowledge base.

 

Lloyd's Association

Lloyd's Association is a group of underwriters based in the United States that models itself after Lloyd's of London, the famous London based insurance syndicate.

Although they share a similar name, the Lloyd's Association is not associated with Lloyd's of London. Membership is acquired through a subscription, which pays for the operating expenses of the Association.

The Association is also known as American Lloyd's and Lloyd's Organization.

Although it is composed of insurance underwriters, the Lloyd's Association is not considered an insurance company. It is an insurance market made up of brokers and underwriters.

The group is supervised by a head underwriter who looks after the daily operations of the Association and its members. Members will look for insurance deals and take on the financial risk themselves, rather than offloading it to the group, although they are expected to contribute to the financial well-being of the group.