VATINS4105 - Insurance underwritten at Lloyd바카라 사이트s of London: history and current arrangements: background
Lloyd바카라 사이트s is not an insurance company. It is a society of members, both corporate and individual, who underwrite insurance in syndicates.
The origin of Lloyd바카라 사이트s insurance market lies in the 17th century in Edward Lloyd바카라 사이트s coffee house in London. It started with marine insurance and today has grown to become a world-wide leading market for all specialist insurance. Until 1994, all members of Lloyd바카라 사이트s were individuals
In 1994 Lloyd바카라 사이트s admitted corporate members for the first time, and since then limited liability capital has provided a growing proportion of the capacity of the Lloyd바카라 사이트s market. As part of this development, major insurance groups have acquired corporate members in order to underwrite at Lloyd바카라 사이트s.
As it is a market, policyholders are insured 바카라 사이트at Lloyd바카라 사이트s바카라 사이트 by members of Lloyd바카라 사이트s and not by Lloyd바카라 사이트s itself. However, the market has a common brand and identity, and Lloyd바카라 사이트s Central Fund provides common security underpinning all Lloyd바카라 사이트s policies.
Lloyd바카라 사이트s was incorporated by UK Act of Parliament, Lloyd바카라 사이트s Act 1871, and there have been further Acts since. The most recent of these, Lloyd바카라 사이트s Act 1982, established the Council of Lloyd바카라 사이트s, which is part elected and part nominated, as Lloyd바카라 사이트s governing body.