place

Lloyd's of London

1686 establishments in EnglandBritish brandsEconomy of LondonEngvarB from October 2016Financial services companies established in the 17th century
Insurance in the United KingdomOrganisations based in the City of LondonOrganizations established in the 1680sPages containing links to subscription-only contentReinsurance
Lloyd's insurance exterior at night
Lloyd's insurance exterior at night

Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament. It operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names". The business underwritten at Lloyd's is predominantly general insurance and reinsurance, although a small number of syndicates write term life assurance. The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in c. 1686. Today, it has a dedicated building on Lime Street within which business is transacted at each syndicate's "box" in the underwriting "Room", with the insurance policy documentation being known traditionally as a "slip".The market's motto is Fidentia, Latin for "confidence", and it is closely associated with the Latin phrase uberrima fides, or "utmost good faith", representing the relationship between underwriters and brokers.Having survived multiple scandals and significant challenges through the second half of the 20th century, most notably the asbestosis affair, Lloyd's today promotes its strong financial "chain of security" available to promptly pay all valid claims. As of 2019 this chain consisted of £52.8 billion of syndicate-level assets, £27.6bn of members' "funds at Lloyd's" and over £4.4bn in a third mutual link which includes the Central Fund.In 2020 there were 76 syndicates managed by 50 managing agencies that collectively wrote £35.5bn of gross premiums on risks placed by 350 brokers. Of those premiums 53 per cent emanated from North America, 27 per cent from Europe and 20 per cent from the rest of the world. Direct insurance represented 65 per cent of the premiums, mostly covering property and casualty (liability), while the remaining 35 per cent was reinsurance.

Excerpt from the Wikipedia article Lloyd's of London (License: CC BY-SA 3.0, Authors, Images).

Lloyd's of London
Lime Street, City of London

Geographical coordinates (GPS) Address Nearby Places
placeShow on map

Wikipedia: Lloyd's of LondonContinue reading on Wikipedia

Geographical coordinates (GPS)

Latitude Longitude
N 51.513055555556 ° E -0.0825 °
placeShow on map

Address

Lloyd's of London

Lime Street 1
EC3M 7HA City of London
England, United Kingdom
mapOpen on Google Maps

Lloyd's insurance exterior at night
Lloyd's insurance exterior at night
Share experience

Nearby Places

22 Bishopsgate
22 Bishopsgate

22 Bishopsgate, also known as Twentytwo, is a commercial skyscraper in London, United Kingdom. Completed in 2020, it occupies a prominent site in Bishopsgate, in the City of London financial district, and stands at 278 m (912 ft) tall with 62 storeys. The project replaces an earlier plan for a 288 m (945 ft) tower named The Pinnacle, on which construction was started in 2008 but suspended in 2012 following the Great Recession, with only the concrete core of the first seven storeys. The structure was later subjected to a re-design, out of which it became known by its postal address, 22 Bishopsgate.Under the original plans, The Pinnacle was to become the second-tallest building in both the United Kingdom and the European Union after The Shard, also in London. The Economic Development Corporation of Saudi Arabia and its development manager, Arab Investments, which largely funded the construction, invested £500 million in it in return for a majority stake in the structure. However, the build was put on hold due to a lack of additional funding and letting commitments. In 2013 it was reported that a review of the design and construction process, undertaken by original architects Kohn Pedersen Fox, agents CBRE and the developers, had been completed, with the building's "helter skelter" style exterior set to be retained. In 2015, the site was sold to a consortium led by Axa Real Estate and a re-design with a simpler exterior, ultimately excluding the costly "helter skelter" shape, was submitted for public consultation before application for planning permission. In April 2016, it was confirmed that property company Lipton Rogers and its joint venture partner, Axa IM – Real Assets, would complete the £1bn development in 2019. At 278 metres, the building was set to be the tallest in the City of London at that time and, due to potential loss of light to surrounding buildings, there had been objections to the development from several parties. However, City of London granted permission after considering the potential benefits of developing the building including the introduction of more floorspace to the area and the creation of new jobs.In 2017, plans were approved which redesigned the building and reduced its height further to 255 m due to concerns that the cranes used for its construction could interfere with the flight paths of the nearby London City Airport. However, these plans were withdrawn after approval was granted for the previous 278-metre design.