Who is Lloyds?

  • by The Quotesonline Team

Lloyd’s is the world’s best known, but most probably least understood, insurance brand. This is because, unlike most other insurance brands, Lloyd’s is actually
not a company. It’s described as a market where their members join together as syndicates to insure and reinsure risk.

Lloyd’s is considered to be the world’s leading specialist insurance market. The market conducts business in over 200 countries and territories worldwide. Lloyds is often the first to insure new, unusual or complex risks. They bring together an outstanding concentration of specialist expertise and talent, backed by excellent financial ratings which cover the whole market.

So who is in charge? There is a body who is charge of this market. The Corporation of Lloyd’s oversees the market, establishing standards and providing services to support its activities

The Corporation also manages Lloyd’s worldwide licences. The Executive Team exercises the day-to-day powers and functions of the Council and the Franchise Board. According to figures from 31 December 2009, The Corporation had 886 employees worldwide..

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