Definition - What does Lloyd's Association mean?
The Lloyd's Association is a group of underwriters based in the United States that models itself after Lloyd's of London, the famous UK insurance syndicate.
Although they share a similar name, the Lloyd's Association is not officially 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.
Insuranceopedia explains Lloyd's Association
Although it is composed of insurance underwriters, the Lloyd's Association is not considered an insurance company. Rather, 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.
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