UK Insurance: An Introduction to Lloyd's of London

Summary

This Practice Note introduces Lloyd's of London, its governance and regulatory framework. It discusses how members and managing agents underwrite insurance and reinsurance and outlines the Society of Lloyd's relationships with members, managing agents, members' agents, syndicates, brokers and coverholders. It also considers Lloyd's of London's capital structure, often referred to as the Chain of Security and briefly summarizes the Society's investigatory and enforcement powers.