Interesting Lloyds Facts
Possibly the world’s most famous insurance group, Lloyd’s of London is a uniquely organized insurance market. It does not sell insurance per se, but regulates a market through which insurance contracts are transacted. The organization is a society of people—and, since 1994, corporations—that accept liability for claims under insurances accepted on their behalf. Business can be placed only by permitted insurance brokers, known as Lloyd’s brokers, which are in turn grouped in 164 underwriting syndicates. One person, the active underwriter, is empowered to accept insurances on behalf of the syndicate members. A syndicate is not a partnership: each member is responsible only for a personal fraction of any insurance. Each syndicate has a managing agency which appoints the active underwriter. The membership of a syndicate differs from year to year. Each member’s affairs at Lloyd’s are managed by a member’s agent. What began simply as a meeting place for individuals interested in marine insurance has evolved into a regulated market for general insurance all over the world.
Top 10 Global Insurers
|4||Japan Post Holdings||USD130bn||Japan|
|8||Ping An Insurance||USD86bn||China|
|9||Legal and General||USD 85bn||UK|
Business produced by:- 3872 MGA’s, 219 Lloyds