A marketplace where underwriting 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 venture. Increasingly since the 1990s, most of the capital comes from corporations.

"Lloyd's Of London" In Context

"Catlin, one of the largest companies operating in the Lloyd's market, was no exception, seeing pre-tax profits tumble to $71m (£45.4m), compared to $406m a year earlier, on the back of almost $1bn of claims. The group's combined ratio also deteriorated to ..."