The following Insurance & Reinsurance guidance note Produced in partnership with The Society of Lloyd's Legal Team provides comprehensive and up to date legal information covering:
The Lloyd’s market is an insurance market, whose origins date back to the seventeenth century. Merchants would meet at Edward Lloyd’s coffee house in London and agree to insure each other’s ventures. As international trade was conducted by sea, until towards the end of the nineteenth century the business insured at Lloyd’s was almost exclusively marine insurance. Now the Lloyd’s market writes insurance in most classes of business.
Insurance is written at Lloyd’s by members of Lloyd’s who group together into syndicates. The members of the syndicate appoint managing agents to carry out all the underwriting functions on behalf of the members. These syndicates compete against each other and other insurers to underwrite insurance and reinsurance policies.
The Society of Lloyd’s (the 'Society' or the ‘Corporation’ or just 'Lloyd’s') is a statutory corporation incorporated by the Lloyd’s Act 1871, s 3 by the name of ‘Lloyd's’. The objects of the Society are:
the carrying on by members of the Society of the business of insurance of every description including guarantee business
the advancement and protection of the interests of members of the Society in connection with the business carried on by them as members of the Society and in respect of shipping and cargoes
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