Lloyd's of London

Lloyd's of London, generally known simply as Lloyd's, is an insurance market located in the City of London, which exists inside London. Unlike most of its competitors in the industry, it is not an insurance company. Rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament and operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".
The business underwritten at Lloyd's is predominantly general insurance and reinsurance, although a small number of syndicates write term life assurance. The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in 1686. Today, it has a dedicated building on Lime Street, which opened in 1986. Its motto is Fidentia, Latin for "confidence", and it is closely associated with the Latin phrase uberrima fides, or "utmost good faith".

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