London-based major insurance marketplace that originated from Edward Lloyd’s coffee house after the Great Fire of London in 1666. It became a meeting place for persons interested in shipping and marine insurance. Lloyd’s became incorporated by statute in 1871 and is now controlled by the Lloyd’s Act 1982 with oversight from the FSA. Lloyd’s provides facitities for its members who underwrite risks by participating with others in syndicates. The Society of Lloyd’s is directed by the Council of Lloyd’s with operational responsibility in the hands of the Lloyd’s Franchise Board. Business is transacted through accredited Lloyd’s brokers.