Lloyds Of London


Definition of "Lloyd's of london"

Insurance facility composed of many different syndicates, each specializing in a particular risk; for example, hull risks. Lloyd's provides coverage for primary jumbo risks as well as offering reinsurance and retrocessions. Membership in a syndicate is limited to individuals with a large personal net worth, and each member may belong to one or more syndicates depending upon his or her net worth. Although much of the publicity Lloyd's receives involves insuring exotic risks such as an actress' legs, this represents only a very small portion of its total business, most of which involves reinsurance and retrocessions.

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Bottomry

Method of transferring pure risks that is perhaps the seed of the modern day insurance policy. Ancient Greece held to the concept that a loan on a shi ...

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For-profit insurance company, such as a mutual or stock company or Lloyd's of London association. Proprietary insurers contrast with cooperative insur ...

Lloyd's Association

Organization following the format of Lloyd's of London. ...

Lloyd's Broker

Specialist whose task is to place insurance with the specialized syndicates that underwrite particular risks at Lloyd's of London. ...

Lloyd's Syndicate

Group of underwriters with Lloyd's of London who specialize in underwriting a particular risk such as hull insurance. ...

New York Insurance Exchange

Reinsurance marketplace modeled after Lloyd's of London. Like Lloyd's, the New York Insurance Exchange is a market for hard-to-place risks and for the ...

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