Lloyd's of London

Definition

• An insurance and reinsurance market based in London, England, formed in the year 1688. Lloyd's of London, or Lloyd's for short, is not a single company but rather a corporate body that serves as a marketplace for Lloyd's members (both individuals and corporations), underwriters and financial backers to pool together to spread and share risk. In addition to individual members (known as "names"), in 1994, Lloyd's allowed corporate members into the market,.

Synonyms
Lloyd's

Related Terms and Acronyms

• Approved for Reinsurance — Definition,
  • A company that is certified to provide reinsurance in a certain area.
• Finite Reinsurance — Definition,
  • A reinsurance arrangement where the reinsurer only takes on a limited amount of risk from the ceding party.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Lloyd's Syndicates — Definition,
  • A group of Lloyd's of London underwriters.
• Reinsurance — Definition,
  • The process of one insurance company sharing liabilities from an insurance policy with another insurance company in order to lessen exposure, or in other words, insurance for insurers.
• Reinsurance Ceded — Definition,
  • The amount of insurance that is reinsured with another insurance company.
• Reinsurance Recoverables to Policyholder Surplus — Definition,
  • A method used to determine how much an insurer relies on reinsurance.
• Reinsurer — Definition,
  • An insurance company that provides coverage for a portion of another insurance company's risk.
• Secondary Market — Definition,
  • A market where financial instruments such as stocks, bonds, options and futures are bought and sold to investors.
• Syndicated Loans — Definition,
  • Loans given to a company that are backed by a group of banks who share the risk of a large transaction. There is usually a lead bank and several participating banks.
• Underlying Retention — Definition,
  • The liability an insurance company still retains after ceding liability to a reinsurer.
• Underwriter — Definition,
  • An entity that issues and distributes financial products including equity capital, credit, mortgages, and insurance.
• Underwriters Association — Definition,
  • A group of underwriters in a specific field who join together to maintain professional standards.
• Underwriting (UW) — Acronym, Important,
  • The analysis of risk involved in making a mortgage loan to determine whether the risk is acceptable to the lender. Underwriting involves evaluating the property as outlined in the appraisal report, and also evaluating the borrower's ability and willingness to repay the loan.
  • Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
• Underwriting Risk — Definition,
  • The total amount of risk an entity takes on from underwriting something.