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Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. 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 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 c. 1686. Today, it has a dedicated building on Lime Street within which business is transacted at each syndicate's "box" in the underwriting "Room", with the insurance policy documentation being known traditionally as a "slip".
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 relationship between underwriters and brokers.
Having survived multiple scandals and significant challenges through the second half of the 20th century, most notably the asbestosis affair, Lloyd's today promotes its strong financial "chain of security" available to promptly pay all valid claims. At the end of 2018, this chain consisted of £53.5 billion of syndicate-level assets; £26.5bn of members' "funds at Lloyd's"; over £3.2bn in a third mutual link which includes the Central Fund, plus a £0.9bn callable layer.
In 2018 there were 84 syndicates managed by 55 managing agencies that collectively wrote £35.5bn of gross premiums on risks placed by 303 approved brokers. Around 50 per cent of premiums emanated from North America, 30 per cent from Europe and 20 per cent from the rest of the world. Direct insurance represented around 70 per cent of the premiums, mainly covering property and casualty (liability), while the remaining 30 per cent was reinsurance. The market collectively reported a pre-tax loss of £1bn for 2018, resulting from above-average major claims and a weak investment environment.
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Lloyds of London Reviews
Still one of the most funky buildings both inside and out. Very industrial fee throughout. The trading floor is huge. The old bell inside and museum also well worth a look. Recommended more »
As a lover of Cruising this is generally an important building as they generally insure the worlds ships. Its a modern Building but interesting in its design. more »
Fantastic and iconic building. Home of insurance. Trading floors are a superb experience. Some of the state rooms at the top are also really nice as is the library in the basement. Office space is understandably limited. Always a pleasure to visit.
This is an iconic building and great to visit. It is a private office so you can only view the outside. It is a good idea to visit on a weekend, as there will be fewer people in the City. Also the views at night are great as it is illuminated with different colours.
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