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 ?
This represents major progress,'' said William Bagely, a former state senator who represents a group of Bay Area names threatening to sue the Department of Corporations for preventing them from cutting their losses by settling with Lloyd's.
Although Lloyd's is likely to continue to be affected by catastrophe experience, A.
Investigators confirmed that a trail of blood was visible on Lloyd's driveway.
insurance space knows the Lloyd's of London name--indeed, it's one of the world's oldest and best-known corporate brands--this awareness by no means translates into understanding--or business.
Lloyd's Chairman Peter Levene told a press conference at Lloyd's that the insurance industry's losses from the hurricanes that hit the United States in 2005 were larger than those generated by the terrorist attacks on the World Trade Center in September 2001.
CBRE's Matthew McBride represented Lloyd's, while Robert Emden, Stephen Gordon and David Emden of USI represented Protege Partners.
Lloyd's alternative approach proceeds from assumptions about consciousness proposed more than 60 years ago by the philosopher Edmund Husserl.
1 -- color) For her husband Lloyd's 83rd birthday, Louise Apperson tracked down the man who saved his life while fighting during World War II.
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.
Beginning in 1996, when Lloyd's introduced its Reconstruction and Renewal Plan (R&R) to rid itself of its litigation problems, the marketplace has undergone major changes, and more are occurring every day.
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.
Indeed, Lloyd's of London announced combined losses for 1988 and 1989 of over US$4 billion.