Living in the UK, most will have heard of Lloyds. Not the bank, the insurance market but few will understand how it works.
Lloyd’s is actually the world’s leading specialist insurance market, with 46 managing agents and 75 syndicates, offering specialist underwriting expertise and talent without equal anywhere in the world.
Lloyd’s is not actually an insurance company but comprises of many members who form a syndicate to underwrite insurance. These syndicates can comprise of either corporate organisations, or individuals, and employ professional underwriters to assess and accept a risk.
The funding is provided by investment institutions, specialist investors, international insurance companies and individuals.
Lloyd’s members conduct their insurance business in syndicates, each of which is run by a managing agent.
The syndicates operating within the market cover many speciality areas including:
• Marine
• Aviation
• Catastrophe
• Professional indemnity
• Motor
It is important to note that just like in the high street, these syndicates compete for business with what is known as “mutual” associations and “proprietary, composite” insurers (proprietary in the sense that it is a publicly owned joint stock company and composite in the sense that it carries on both life and non-life* insurance) thus offering choice, flexibility and continuing innovation.
Syndicates may elect to cover all or just a part of the risk.
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