Institute of London Underwriters (ILU)
Definition - What does Institute of London Underwriters (ILU) mean?
The Institute of London Underwriters (ILU) was an association made up of marine, aviation, and transportation insurance companies. Established in 1884, it was meant to address problems concerning the risks they were underwriting.
In 1998, the members of the association joined the London International Insurance and Reinsurance Market Association to form the International Underwriting Association of London (IUA).
Insuranceopedia explains Institute of London Underwriters (ILU)
The Institute of London Underwriters started as a set of informal meetings among broker companies that sold marine, aviation, and transportation insurance in 1884. They decided to form a group that could collectively deal issues with the types of insurance they sell, such as those concerning ship owners and governments.
For decades, the ILU sold insurance in five floors of a building located in Leadenhall and Billiter Streets in London.
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