Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market.[1] It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals (traditionally known as Names) or corporations, come together to pool and spread risk. Unlike most of its competitors in the insurance and reinsurance industry, it is not a company, but it is a corporate body under the Lloyd's Act 1871 of the British Parliament. Uberrimae fidei (Latin for "of the utmost good faith") is the motto of Lloyd's.
In 2009, over £21.97 billion of gross premium was transacted in Lloyd's, and it achieved a record pre-tax profit of over £3.8 billion.[2] The Lloyd's building is located at 1 Lime Street in the City of London.
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