Lloyd's of London

The famous Lloyd's building in London that was designed by Richard Rogers.

International insurance market and centre of shipping intelligence, based in London. Lloyd's was established in 1688 and named after Edward Lloyd, whose coffee-house was a meeting place for those interested in shipping. Lloyd's accounts for half of all international insurance premiums underwritten in the London market. Lloyd's moved into a new building in the City of London, designed by the architect Richard Rogers, in 1986.

Members of Lloyd's (known as ‘names’) are organized into syndicates, and pledge personal fortunes in return for premiums. There is no limit to a name's liability, but risks are spread among the members of a syndicate, so that no individual takes too great a personal risk. However, during the late 1980s and early 1990s, Lloyd's suffered a series of losses (Piper Alpha, Hurricane Hugo, the Exxon Valdez oil spill, European storms in 1990), and many names faced large bills to meet the insurance cover. 1988 saw the first loss (£510 million) since 1967. Some names took Lloyd's to court, but a financial settlement was reached in 1996.

Famous risks undertaken by the company include the Titanic, the Lutine (whose bell, salvaged in 1859, is at the Lloyd's headquarters), and space satellites.