Lloyd's of London (Lloyd's)
Definition
Oldest and most famous syndicate of insurance underwriters and brokers. The underwriters (numbering about 20,000) are grouped into some 280 syndicates, each specializing in a particular type of risk. Together they provide coverage for virtually any type of peril, but their main business involves providing reinsurance to other insurance companies. This organization began in the 1689 London, in the Tavern Street coffeehouse of Edward Lloyd frequented by shipowners.
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