US: An association of independent underwriters operating in England. It is not an insurance company; rather, it operates as a marketplace for large and/or unusual insurance exposures where brokers representing insurance applicants are able to contract with underwriters offering coverage.
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An association of individuals, called names, or groups of individuals who write insurance for their own accounts. Lloyd’s had its beginning in 17th century London in Edward Lloyd’s coffeehouse.
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Lloyd’s of London is a facility under which separate insurers can accept or reject to insure the risks presented to them by a broker. Many important precedents for the insurance industry are set by Lloyd’s.