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Lloyd's of London

What Does Lloyd's of London Mean?

Lloyd's of London is a marketplace for international insurance players, including syndicates and brokers. Based in London, Great Britain, it started as a marine insurance seller in the 17th century but is now known for selling insurance to cover unusual risks.

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Insuranceopedia Explains Lloyd's of London

Lloyd's does not call itself an insurance company but a marketplace for insurance. What this means is that it acts more like a corporate hub for syndicates, brokers, coverholders, and insurance buyers. Insurance companies usually converge there to work together for risks that need more than one insurer, making Lloyd's a congregation of reinsurers.

Lloyd's was founded In the 17th century as a coffee shop that also sold insurance for ships and cargo transported in those ships. Today, it has grown into a formidable international company. It occasionally attracts media attention for selling unconventional insurance like coverage for celebrities' body parts.

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