Lloyd’s of London is often misunderstood as an insurance company. However, it is actually an organisation that puts syndicates (capital providers) and brokers (Lloyd’s accredited brokers) together for the underwriting of certain risks that brokers bring to them at the ‘box’ within Lloyd’s. Lloyd’s is renown for its ability to ‘spread’ or ‘syndicate’ risk, meaning that specialist or high value risks can be successfully placed among a number of syndicates.
This is particularly common for large corporate organisations, or even insurance companies (reinsurance) seeking indemnity in exchange for a premium. Lloyd’s of London is over 330 years old and wrote approximately GBP 33bn of premium in 2018, with the USA accounting for 40% of all premium.
Want to learn more?
We offer a complimentary ‘tour’ of the Lloyd’s underwriting room, which compromises of over 90 syndicates and the Lloyd’s library which has deep history dating back to 1686 from when it was formed in a coffee house by Edward Lloyd.
Being a specialist Lloyd’s broker, allows Servca to offer an additional virtual ‘(re)insurer’ to our clients, where domestic or local market insurers have refused cover or are not able to underwrite the risk 100%. We can either underwrite the risk on a 100% primary basis, reinsured or co-insured/subscription based by creating tailored facilities for your insurance requirements.