1.5.5 Lloyd's of London
Lloyd's of London is actually not considered an insurer. Instead, it is an association of individuals and companies that individually underwrite insurance. Lloyd's gathers and disseminates underwriting information, helps its associates settle claims and disputes, and provides coverage that might otherwise be unavailable in certain areas.
Lloyd's is different from other insurers since it is a market, not a company. Lloyd's focuses on education, training, and enterprise; and is responsible for risk management and profitability targets across the market. Lloyd's lays down guidelines for all syndicates and operates a business planning and monitoring process to safeguard high standards of underwriting and risk management, thereby improving sustainable profitability and enhancing the financial strength of the market.
Remember: Even with the similarities, Lloyd's of London is NOT considered an insurer.
