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Lloyd's of London

A marketplace where underwrit-ing syndicates, or mini-insurers, gather to sell insurance policies and reinsurance. Each syndicate is managed by an underwriter who decides whether or not to accept the risk. The Lloyd?s market is a major player in the international reinsurance market as well as a primary market for marine insurance and large risks. Originally, Lloyd?s was a London coffee house in the 1600s patronized by shipowners who insured each other?s hulls and cargoes. As Lloyd?s developed, wealthy individuals, called?Names,? placed their personal assets behind insurance risks as a business ven-ture. Increasingly since the 1990s, most of the capital comes from corporations.

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