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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 .
The IUA was formed in January 1998 from the merger of the London International Insurance and Reinsurance Market Association (LIRMA) and the Institute of London Underwriters (ILU). [3] The main stated reason for the merger was the desire to give the London company market a single voice in dealings with government, regulators and other insurance ...
A surplus lines broker seeking to procure or place nonadmitted insurance in a state for an exempt commercial purchaser ("ECP") is not required to satisfy any state requirement to a make a due diligence search to determine whether the full amount or type of insurance sought by the ECP may be obtained from admitted insurers if: (1) the broker ...
The Lloyd's building (centre), with Tower 42 in the top-left. The Lloyd's Agency Network was established in August 1811 by the then Committee of Lloyd's of London.They resolved that it is highly important to the interests of Underwriters, that a regular and universal system of intelligence and superintendence should be established in all the Principal Ports and Places, both at home and abroad ...
In July 1884, Lloyd's List merged with the Shipping and Mercantile Gazette. Lloyd's List has spawned several spin-off titles, including sister title Insurance Day. In 2009, Lloyd's List went through a major re-design that encompassed both the masthead and the newspaper itself. Between 2011 and 2017, a Lloyd’s List operated a mobile app. [6]
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 ...
MS Amlin Ltd is an insurer operating in the Lloyd's, UK, Continental Europe and Bermudian markets.Specialising in providing insurance cover to commercial enterprises and reinsurance protection to other insurance companies around the world, MS Amlin's shares were listed on the London Stock Exchange until it was acquired by Mitsui Sumitomo Insurance Group in February 2016.
The Lloyd's Open Form, formally "Lloyd's Standard Form of Salvage Agreement", and commonly referred to as the LOF, is a standard form contract for a proposed marine salvage operation. Originating in the late 19th century, the form is published by Lloyd's of London and is the most commonly used form for international salvage.