Lloyd's of London, styled simply as Lloyd's, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals (traditionally known as Names) or corporations, come together to pool and spread risk. Unlike most of its competitors in the industry, it is not a company but it is a corporate body under the Lloyd's Act 1871 of the Parliament of the United Kingdom. Uberrimae fides (Latin for "of the utmost good faith") is the motto of Lloyd's.
In 2011, over £23.447 billion of gross premium (£22.592 billion in 2010) was transacted in the Lloyd's Market, but on aggregate the market made a loss (before tax) of £516 million (£2,195 million Profit in 2010) . The Lloyd's building, where the market is based, is located at 1 Lime Street in the City of London.
Read more about Lloyd's Of London: Structure, Timeline of Significant Events At Lloyd's, Asbestosis and Unforeseen Risk, Types of Policies, Miscellaneous
Famous quotes containing the words lloyd and/or london:
“A fully equipped duke costs as much to keep up as two Dreadnoughts, and dukes are just as great a terror—and they last longer.”
—David Lloyd George (1863–1945)
“The earth is mankind’s ultimate haven, our blessed terra firma. When it trembles and gives way beneath our feet, it’s as though one of God’s cheques has bounced.”
—Gilbert Adair, British author, critic. quoted in: London Sunday Correspondent Magazine (Dec. 24, 1989)