Consolidation Of Lloyd’s Rules

Introduction

Lloyd’s of London adds a certain mystique to the UK insurance market. Tracing its history to a 17^th century coffee house, Lloyd’s has since developed into the world’s most prominent insurance marketplace and a monolith in the sector.

Transcending its maritime roots, Lloyd’s participants underwrite a vast range of insurance lines, and the market has grabbed headlines over the years for covering risks ranging from satellites, supermodels’ legs and the Twin Towers.

In recent times, Lloyd’s has successfully achieved its ambitions of growth and improved underwriting profits, whilst committing to enhancing innovation in the insurance industry. However, the marketplace has represented a paradox, as its outdated infrastructure and cumbersome body of rules were the price for benefitting from market participation.