Lloyds

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Lloyd's Insurance market in London, dealing especially in marine insurance. Lloyd's began in the 17th century as a coffee house where businessmen, who were willing to insure shipping, gathered. Lloyd's as an institution does not insure anything; it is merely the market where the individual underwriters (‘names’) can meet. Between 1988 and 1993, some syndicates sustained substantial losses, leading to a change in the regulations of names, allowing some to have limited liability.

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