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Rather, Lloyd's is a corporate body governed by the Lloyd's Act of 1871 and subsequent Acts of Parliament and operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk.
These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".
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In 2016 there were 99 syndicates (compared to 84 in 2015), managed by 57 managing agencies, that collectively wrote £29.862 billion of gross premiums (up from £26.69bn in 2015) on business placed by 258 Lloyd's approved brokers (242 in 2015).
Direct insurance represented 69 per cent of the policies written, mainly covering property and liability ("casualty"), while the remaining 31 per cent was reinsurance.
Today, it has a dedicated building on Lime Street, which opened in 1986.
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There you can buy new pieces from the extensive stock held in our Showroom and warehouse.
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