Lloyd's Market

Lloyd's Market

Lloyd’s is the world’s leading specialised insurance market: a place where experienced, qualified underwriters come together to insure and reinsure risks.

How it works

Unlike most other insurers, Lloyd’s is not a company, but rather a market whose members join together in syndicates to insure and reinsure risks.

Lloyd’s brokers bring business to the market on behalf of clients, other brokers and intermediaries. As with any other market, the brokers seek out the syndicates that can cover their particular risk and on what terms. 

Who’s who 

Policyholders Those who take out insurance cover

Companies, organisations, other insurers and individuals from all over the world who seek protection against risks that may affect them. They therefore go to a broker and explain their particular needs to them.

Members Those who provide the capital

Lloyd’s members provide the capital required to back the syndicates’ underwriting activities. These members include some of the world’s largest insurance groups and a number of companies listed on the London stock exchange, in addition to individuals and limited liability companies.

Syndicates Those underwriting the risks

Underwriters decide which risks each syndicate will underwrite and on what terms. A great deal of Lloyd’s business is carried on in the Underwriting Room, where brokers personally negotiate the risks they wish to place with Lloyd’s.

Managing Agents Those who manage the syndicates

These are companies created to manage one or more syndicates. The managing agent is responsible for contracting the underwriters and administering day-to-day organisational issues and the syndicate’s operations.

Brokers Those who place the risk

Lloyd’s brokers are involved in placing most of the business into the Lloyd’s market. In addition to being regulated by their national regulatory body, Lloyd’s registered brokers must also meet the requirements to be appointed as such.

The Corporation of Lloyd’s Supports the market

The Corporation oversees and provides support services for the market and promotes Lloyd’s throughout the world. Its tasks include establishing what capital must be contributed by members to support their underwriting plans, helping to manage those syndicates that have had poor results to improve their performance, managing financial and regulatory information provided for the Lloyd’s market and managing and developing the global Lloyd’s licence network and the Lloyd’s brand.

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