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Lloyd’s of London

Lloyd's of London
Insurance and reinsurance market
Founded 1686; 331 years ago (1686)
Founder Edward Lloyd
Headquarters London, EC3, United Kingdom
Key people
John Nelson (Chairman)
Inga Beale (CEO)
Website lloyds.com

Lloyd's of London, generally known simply as Lloyd's, is an insurance market located in the City of London, which exists inside London. 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 of 1871 and subsequent Acts of Parliament and 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", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".

The business underwritten at Lloyd's is predominantly general insurance and reinsurance, although a small number of syndicates write term life assurance. The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in 1686. Today, it has a dedicated building on Lime Street, which opened in 1986. Its motto is Fidentia, Latin for "confidence", and it is closely associated with the Latin phrase uberrima fides, or "utmost good faith".

In 2016 there were 99 syndicates (compared to 84 in 2015), managed by 57 managing agencies, that collectively wrote £29.862 billion of gross premiums (up from £26.69bn in 2015) on business placed by 258 Lloyd's approved brokers (242 in 2015). Direct insurance represented 69 per cent of the policies written, mainly covering property and liability ("casualty"), while the remaining 31 per cent was reinsurance. The market reported a pre-tax profit of £2.107bn and a combined ratio result of 97.7 per cent for 2016 (up from 90 per cent in 2015).


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