Lloyd's is a corporation of underwriters (Lloyd's underwriters) and insurance brokers (Lloyd's brokers) that developed from Edward Lloyd's coffee shop in Tavern Street in the City of London in 1689 (evidence of the coffee shop first being recorded in February 1688). Lloyd's coffee shop was much frequented by ship owners and merchants. By 1774 Lloyd's was established in the Royal Exchange and in 1871 was incorporated by act of parliament. It now occupies a new building built in 1986, in Lime Street (built by Richard Rogers). As a corporation, Lloyd's itself does not underwrite insurance business; all its business comes to it from some 260 Lloyd's brokers, who are in touch with the public, and is underwritten by some 350 syndicates of Lloyd's underwriters, who are approached by the brokers and who do not, themselves, contact the public. The 30, 000 or so Lloyd's underwriters must each deposit a substantial sum of money with the corporation and accept unlimited liability before they can become members. They are grouped into syndicates, run by a syndicate manager or agent, but most of the members of syndicates are names, underwriting members of Lloyd's who take no part in organising the underwriting business, but who share in the profits or losses of the syndicate and provide the risk capital. Lloyd's has long specialised in marine insurance but now covers almost all insurance risks. Research Lloyd's
The Probert Encyclopaedia was designed, edited and programed by
Matt and Leela Probert
Abbreviations
Money
Research Lloyd's
