lloyd's of london

     

Lloy's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as “Names”) or corporations, come together to pool and spread risk. Unlike most of its competitors in the reinsurance market, it is not a company. The Society of Lloyd's was incorporated by Lloyd's Act 1871.

Trivia about lloyd's of london

  • Still in existence, it begin in 1688 in a British coffee shop popular with maritime folk; it soon got involved in their business
  • In 1988 this British firm celebrated its 300th anniversary
  • Unanticipated claims led to losses of more than 5 billion pounds for this British company from 1988 to 1990
  • They've provided insurance for Liz Taylor's diamonds, Liberace's fingers & Jimmy Durante's nose
  • This insurance organization's List is one of London's oldest papers
  • This association of British insurance underwriters began in 1688

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