Lloyds of London

Lloyds of London, the London-based insurance market, which began life in a coffee shop in Tower Street in the City in 1689, takes its name from Edward Lloyd, who owned the shop and apparently made strong coffee.

That strong coffee would have been gulped down in recent years as the insurance market has been pushed from pillar to post by a series of heavy losses which have, at times, brought it close to its knees.

But a restructuring of its business and the raising of additional finance from companies has helped see it through the bad times.

The market's business is to insure a wide range of global insurance risks. It's best known for marine and aviation cover but there are syndicates within the market that cover home contents and motor insurance.

See Also: Stockmarket Centre

Last Updated: November 2007 © Moneyextra.com

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