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Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England.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.
In 1878, at the age of 18, Heath became a clerk at Henry Head & Co., a firm of brokers and underwriters at Lloyd's of London. [12] [1] [13] [5] In 1880, at the age of 21, he was elected an underwriting member of Lloyd's, [1] [12] [14] with the backing of a £7,000 deposit provided by his father, [13] [5] [15] [4] and he began underwriting for himself two years later, in 1882.
Aviation Insurance was first introduced in the early years of the 20th century. The first-ever aviation insurance policy was written by Lloyd's of London in 1911. The company stopped writing aviation policies in 1912 after bad weather at an air meet caused crashes, and ultimately losses, on those first policies.
Satellite insurance is a ... In 1965 the first satellite insurance was placed with Lloyd's of London to cover ... Satellite risk coverage is insurance against damage ...
Equitas is a group of companies that was formed in 1995 to assume by way of reinsurance the vast and crippling liabilities that had accumulated in the syndicates at Lloyd's of London on insurance policies written on the 1992 and all prior years of account. These liabilities were reinsured by Equitas Reinsurance Limited (ERL), which was also ...
Lloyd's of London, an insurance market, is organised in syndicates - groups who share the business, risk, and reward, of underwriting insurance policies and similar projects. The syndicate acts as a market which offers insurance on the one hand and investment opportunity on the other. The active business of a syndicate is run by underwriting ...
It is most closely associated with the Lloyd's of London insurance market that comprises numerous competing "syndicates", and in order to close each accounting year and declare a profit or loss, each syndicate annually "reinsures to close" its books. In most cases, the liabilities are simply reinsured into the subsequent accounting year of the ...
More recently, insurers have attempted to model the cycle and base their policy pricing and risk exposure accordingly. Lloyd's of London research in 2006 revealed, for the second year running, that Lloyd's underwriters see managing the insurance cycle as the top challenge for the insurance industry, and nearly two-thirds believe that the ...