YOU ASK:
What is the definition of Lloyd’s of London?
WE ANSWER:
Lloyd's of London is a market place where insurance and reinsurance policies are sold and bought. This is where mini-insurers or underwriting agents, brokers and syndicates meet and decide whether to assume a certain risk. Members of Lloyd's of London accept risks for oil, shipping, manufacturing and financial businesses. They also are the ones that set the premium rates for the chosen risks.
Lloyd's of London comprises a huge chunk of the reinsurance market, as well as the primary market for large risks and marine insurance risks. This marketplace started in the 1600s and grew into the huge entity it has become.
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