Lloyd's


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Related to Lloyd's: Lloyd's List, Lloyd's Register

Lloyd's,

London insurance underwriting corporation of many separate syndicates; often called Lloyd's of London. Founded in the late 17th cent. by a group of merchants, shipowners, and insurance brokers at the coffeehouse of Edward Lloyd, the association is now international in scope. It was originally concerned with the underwriting of marine insurance, and Lloyd's Register of Shipping, established by Lloyd's, remains an annual publication containing detailed information, such as age, tonnage, class, and construction, of the vessels of all nations, together with supplementary data about docks, harbors, and port facilities. With the exception of long-term life insurance, Lloyd's now issues insurance against a wide variety of risks, including those associated with film stars' legs and rock stars' voices.

During the late 1980s and early 90s Lloyd's suffered financial losses approaching $10 billion as a result of claims ranging from damage from natural disasters (hurricanes and earthquakes) to awards in environmental (pollution and asbestos) lawsuits. This led to the personal financial ruin of many of its syndicates' individual members (called Names), who had accepted total liability in exchange for a share of the profits. Lloyd's also found itself faced with class-action lawsuits against its managing agents, who were charged with having failed to adequately advise their clients of the potential risks involved. To win new financing necessary to cover future policies, Lloyd's changed its centuries-old policy and began accepting corporate money and offering limited-liability investments. Corporate investors now provide some 80% of the capital, and changes adopted in 2002 led Lloyd's to stop accepting (2003) new individual members and to increase central control over the syndicates.

Bibliography

See studies by D. E. W. Gibb (1957, repr. 1972), R. S. Sayers (1957), A. Brown (1974, repr. 1987), A. Raphael (1995), E. Luessenhop (1995).

References in periodicals archive ?
However, it added that overall conditions remained profitable, with Lloyd's reporting the capacity to write pounds 14.8 billion of business in 2006, an increase of seven per cent on a year earlier.
The story behind Lloyd's oft-imitated signature scene as he hangs from the clock hands in "Safety Last!" only makes the scene better.
CBRE's Matthew McBride represented Lloyd's, while Robert Emden, Stephen Gordon and David Emden of USI represented Protege Partners.
Lloyd's was once the prototypical "old boys club" where complex insurance and reinsurance arrangements were struck in smoke-filled rooms far removed from the glaring eyes of regulators and the media.
Lloyd's alternative approach proceeds from assumptions about consciousness proposed more than 60 years ago by the philosopher Edmund Husserl.
"We're constantly comparing and contrasting the UISL's ability to run that sort of book outside our operation with our ability to do it inhouse," says Thompson, noting that the administration of the Lloyd's TSB brand has been insourced.
While not quite at the stellar level of some of Lloyd's earlier work for ECM, this is still a wonderful recording for jazz fans to treasure.
Lloyd's have agreed to provide emergency health cover out of good faith but warn the remainder of the policy is invalid.
Under the Lloyd's Act, a non-published act passed by Parliament in 1982, Lloyd's is protected against any lawsuit, except in the case of fraud.
It's a process that is being closely followed by insurance professionals, consumers and regulators around the world, since the $15 billion or so in premiums that passed through Lloyd's last year represents insurance protection, either directly or via reinsurance, for thousands of individuals and organizations.
You may know Lloyd's of London as the venerable, old-line British insurance house where the employees wear red tailcoats with brass buttons and where policies are written on all sorts of oddball risks that no one else has the imagination to insure: Betty Grable's legs, Bob Feller's fastball, the Space Shuttle, offshore oil rigs, and the Dallas Cowboys.
The Future at Lloyd's aims are to create better value for customers through cutting-edge risk management products and services; simplify access to the market; reduce the cost of doing business; and build an inclusive, innovative culture that attracts the best talent.

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