Lloyd's of London
Lloyd's of London is the world's leading insurance market providing specialist insurance services to businesses in over 189 countries. In 2004, 66 syndicates are underwriting insurance at Lloyd's.
Lloyd's is not an insurance company. It is an insurance market of members. Members of Lloyd's, or 'capital providers' as they are often known, accept insurance business through syndicates for their own profit and loss (in other words, members of Lloyd's are not jointly responsible for each other's losses). The membership of Lloyd's is currently made up of companies, individuals and Scottish Limited Partnerships. Individual members, or 'Names' as they are often known, tend to support a number of syndicates, whereas some corporate members only underwrite through a single syndicate.
Lloyd's members conduct their insurance business in syndicates, each of which is run by a managing agent. The 66 syndicates operating within the market cover many speciality areas including: Marine; Aviation; Catastrophe; Professional Indemnity; Motor.
Syndicates compete for business, thus offering choice, flexibility and continuing innovation. Syndicates cover either all or a portion of the risk and are staffed by underwriters, the insurance professionals on whose expertise and judgment the market depends.
The FSA oversees Lloyd's regulation to ensure consistency with general standards in Financial Services. In practical terms however, in order to avoid unnecessary duplication, the FSA delegates a substantial part of its regulatory activity to the Council of Lloyd's and focuses on a supervisory role. The Council of Lloyd's is the governing body of the Society, under the Lloyd's Act 1982.
Contact details
Lloyd's of London
1 Lime Street
London EC3M 7HA
Tel: 020 7327 1000
Fax: 020 7588 3624
helpdesk@lloyds.com
www.lloyds.com