Lloyd’s Of London
What Does Lloyd’s Of London Mean?
Lloyd’s of London is a global marketplace for insurance professionals, including syndicates and brokers. Based in London, UK, it began in the 17th century as a provider of marine insurance. Today, it is renowned for offering coverage for a wide range of unusual and specialized risks.
Insuranceopedia Explains Lloyd’s Of London
Lloyd’s does not consider itself an insurance company but rather a marketplace for insurance. It functions as a corporate hub where syndicates, brokers, coverholders, and insurance buyers come together. Insurance companies often collaborate at Lloyd’s to underwrite risks that require multiple insurers, making it a gathering place for reinsurers.
Founded in the 17th century as a coffee shop selling insurance for ships and their cargo, Lloyd’s has since evolved into a prominent international organization. It frequently attracts media attention for offering unconventional insurance, such as coverage for celebrities’ body parts.
