Glossary

What is Lloyd's of London?

The world's largest specialist insurance and reinsurance market, operating as a marketplace where syndicates underwrite risk.

Full Definition

Lloyd's of London is not an insurance company but a marketplace where individual syndicates (backed by capital from corporate members and Names) underwrite risk. Founded in Edward Lloyd's coffee house in 1688, Lloyd's specializes in complex, unusual, and high-value risks that standard insurance markets cannot efficiently price. Lloyd's syndicates underwrite everything from satellite launches and fine art collections to cyber risk and political violence. Coverage is placed through Lloyd's brokers and typically appears in the US market through surplus lines channels. Lloyd's maintains an A+ (Superior) A.M. Best rating.

Related Terms

Surplus Lines

Admitted vs. Non-Admitted Carrier

Manuscript Policy

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Related Coverage & Services

Kidnap & Ransom (K&R) Insurance

K&R insurance covers ransom payments, crisis response costs, and related expenses for kidnapping, extortion, and wrongful detention events.

Fine Art & Collections Insurance

Fine art and collections insurance provides all-risk coverage for artwork, wine, jewelry, antiques, and other valuable collections.

Surplus Lines

Insurance placed with non-admitted carriers that are not licensed in the state where the risk is located, used for hard-to-place or unusual risks.

Admitted vs. Non-Admitted Carrier

Admitted carriers are licensed and regulated by the state insurance department; non-admitted carriers operate in the surplus lines market with fewer regulatory requirements.

Manuscript Policy

A custom insurance policy drafted specifically for a particular insured, rather than using standard industry forms.

Private Client

Business Insurance

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