What is Lloyds

Lloyd's of London is a British insurance market, and probably the best known brand in the world. However it’s also the least understood. It serves as a market place where multiple financial backer or “members”, whether individuals (traditionally known as “Names”) or corporations, come together to pool and spread risk. Unlike most of its competitors in the reinsurance market, it is not a company. The Society of Lloyd's was incorporated by Lloyd's Act 1871.

It is important to know that outsiders, whether individuals or other insurance companies, cannot do business directly with Lloyd's syndicates. They must hire Lloyd's brokers or deal with underwriting agencies, who are the only customer-facing companies at Lloyd's. They are therefore often referred to as 'intermediaries'.

Lloyd's brokers attract customers' policies among the syndicates, trying to obtain the best prices and terms.

This is done in a broad basis, bringing business from the entire world, for the 75 established syndicates. As a result Lloyds it’s known to be one of the largest commercial insurance in the world, and the six reassurance.

Normally, the Lloyd market does not deal directly with customers; this is done through a network of insurance brokers, such as Confianc Underwriting Agency, which was granted the authority to become a representative to underwrite determine risks.

Various analysts have mentioned the tendency of Lloyd´s to stand out among the Insurance markets. This is mainly due for the predisposition of Lloyd´s to venture into new insurance products, making them innovative in all aspects.

The ratings companies such as Standard & Poor’s, A.M. Best y Fitch have deposit strong confidence in Lloyds through their ratings AM Best (A, excelent); Standard & Poor´s (A+, strong) y Fitch (A+ strong),respectively.

These values strongly suggest that Lloyds offers great security to all its clients. We must also remember the international reputation to pay all the valid claims.