"Lloyds' has extensive overseas operations in the US, Europe, the Middle East and Asia. Following the takeover, the Group stopped using the name HBOS publicly. The Halifax brand, products and pricing were discontinued in Scotland until it was re-established in 2013. The Halifax and Lloyds Bank brands are used in England and Wales and the Bank of Scotland and Halifax brand is used in Scotland, each offering different products and pricing. Lloyds Banking Group's CEO António Horta-Osório told ""The Banker"", ""We will keep the different brands because the customers are very different in terms of attitude"". Lloyds Banking Group is"
"Lloyd's of London Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament and operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or ""members"", are a collection of both corporations and private individuals, the latter being traditionally known as ""Names"". The business underwritten at Lloyd's is"
"in 2017 the 85 syndicates were operated by just 56 managing agents. Members' agents co-ordinate the members' underwriting and act as a buffer between Lloyd's, the managing agents and the members. They were introduced in the mid-1970s and grew in number until many went bust; many of the businesses merged, and there are now only four left (Argenta, Hampden, Alpha and LMAS, which has no active Names). It is mandatory that unlimited Names write through a members' agent, and many limited liability members also choose to do so. Coverholders are a major source of business for Lloyd's. Their numbers have"
"members also have operations at the Lloyd’s as part of the growing inter-relationship of the two main parts of the London market. As well as Ordinary Membership, there are two other categories: Associate (for active insurance companies that do not operate in London but wish to have an association with the IUA); and Affiliate (for other organisations with an interest in the insurance and reinsurance market). Membership is always granted on a corporate rather than individual basis. The number of Ordinary member companies dropped by around 50% in the first five years of the association’s existence even as their aggregate"
"brokers. Having survived multiple scandals and significant challenges through the second half of the 20th century, most notably the asbestosis affair, Lloyd's today promotes its strong financial ""chain of security"" available to pay valid claims. At the end of 2017, this chain consisted of £51.1 billion of syndicate-level assets; £25.6bn of members' funds at Lloyd's (FAL); and over £3bn in a third link which includes the Central Fund. In 2017 there were 85 syndicates managed by 56 managing agencies that collectively wrote £33.6bn of gross premiums on risks placed by 287 approved brokers. Fifty per cent of premiums emanated from"
"and bylaws. The Council delegates most of its daily oversight roles, particularly relating to ensuring the market operates successfully, to the Franchise Board. The Franchise Board lays down guidelines for all syndicates and operates a business planning and monitoring process to safeguard high standards of underwriting and risk management, thereby improving sustainable profitability and enhancing the financial strength of the market. There are two classes of people and firms active at Lloyd's. The first are members, or providers of capital. The second are agents, brokers, and other professionals who support the members, underwrite the risks and represent outside customers (for"
"setting out the terms of the coverholder's delegated authority is known as a binding authority. Outsiders, whether individuals or other insurance companies, cannot transact business directly with Lloyd's syndicates. They must hire an approved Lloyd's broker, who are the only customer-facing organisations at Lloyd's. They are therefore often referred to as intermediaries. Lloyd's brokers shop customers' risks around the syndicates, trying to obtain the best coverage and most competitive terms. When corporations became admitted as Lloyd's members, they often disliked the traditional structure. Insurance companies did not want to rely on the underwriting skills of syndicates they did not control,"
"grown steadily in recent years and in 2015 there were 4,008, producing an increasingly meaningful share of the market's overall premium income. The balance of Lloyd's business is distributed around the world through a network of brokers. Coverholders allow Lloyd's syndicates to operate in a region or country as if they were a local insurer. This is achieved by Lloyd's syndicates delegating their underwriting authority to coverholders. A coverholder can have restricted or full authority to underwrite specified business on behalf of a Lloyd's syndicate. It will usually issue the insurance documentation and will often also handle claims. The document"
"Henderson v Merrett Syndicates Ltd Henderson v Merrett Syndicates Ltd [1994] UKHL 5 was a landmark House of Lords case. It established the possibility of concurrent liability in both tort and contract. Lloyd's of London, an insurance market, is organized in syndicates - groups who share the business, risk, and reward, of underwriting insurance policies and similar projects. The syndicate acts as a market which offers insurance on the one hand and investment opportunity on the other. The active business of a syndicate is run by underwriting agents. The liability of an investor (known as a ""name"") is unlimited -"
"this example syndicate, each one a separate trading entity that underwrote insurance for one year only. Since claims can take time to be reported and then paid, the profit or loss for each syndicate took time to realise. The practice at Lloyd's was to wait three years (that is, 36 months from the beginning of the year in which the business was written) before ""closing"" the year for accounting purposes and declaring a result. For example, for the 1984 year a syndicate would ordinarily declare its results following the end of December 1986. The syndicate's 1984 members would be paid"
"close"" (RITC). Membership of a Lloyd's syndicate was not like owning shares in a company. An individual ""joined"" for one calendar year only, known as the annual venture. At the end of the year, the syndicate as an ongoing trading entity was effectively disbanded. However, usually the syndicate re-formed for the next calendar year with the same identifying number and more or less the same membership. In this way, a syndicate could have a continuous existence going back (in some cases) 50 years or more, but each year was accounted for separately. There would have been 50 separate incarnations of"
"- which are called subscribing members. These types of insurance syndicates are operated by Attorneys-in-Fact. Because these arrangements are neither public nor regulated, they are hard to describe and attribute. But upon information and belief, there are thousands of such arrangements in existence around the world where risks are shared by affinity/governmental/industrial groups on a several liability basis. Lottery syndicates are formed to pool tickets thus increasing the chances of winning. Lottery syndicates are more common in the UK and Europe in general. They are legal in the US, but legal problems are regularly reported. In Australia Lottery Syndicates are"
"so they started their own. An integrated Lloyd's vehicle (ILV) is a group of companies that combines a corporate member, a managing agent, and a syndicate under common ownership. Some ILVs allow minority contributions from other members, but most now try to operate on an exclusive basis. Lloyd's capital structure, often referred to as the ""chain of security"", provides financial security to policyholders and capital efficiency to members. The Corporation is responsible for setting both member and central capital levels to achieve a level of capitalisation that is robust and allows members the potential to earn superior returns. There are"
"premium income increased, reflecting the consolidation of the company insurance market into fewer, larger players. Numbers have remained stable for several years with departures from the market being balanced by new arrivals. International Underwriting Association The International Underwriting Association of London, better known as the IUA, represents companies that trade in the London insurance market outside Lloyd’s. They include branches or subsidiaries of nearly all the world’s largest international insurance and reinsurance companies. The exact size of IUA members’ contribution to the London market is not known. They wrote a total of at least £10 billion premium during 2009, a"
"at Lloyd's between 1988 and 1992 was estimated to be £8 billion. This occurred for several reasons. Due to the nature of Lloyd's business, it was often the case that a Name was liable to pay for claims made on policies established before they became members. This was because Names of Lloyd's were required to join groups called ""syndicates"", which existed for one calendar year. Each syndicate was organised by a ""managing agent"" who hired ""underwriters"" to sell insurance to brokers. When a syndicate disbanded and estimated its profit or loss, it had to account for the fact that some"
"category includes many different types of market participants. For instance Associates may be traders in other markets. If so, they must have bullion based relationships with LBMA Members. Alternatively, Associates may be companies whose activities are judged to be relevant to the London bullion market, such as inspection, assaying and consultancy. The main difference in terms of status within the LBMA for Full Members versus Associates is that Associates do not have voting rights. Associates also have more limited options for sponsoring other applications. In the UK bullion market, Associates are not considered by HM Revenue and Customs as members"
"become so widespread that the underwriters in Lime Street initially had no idea how extensive their exposure was: the loss was passed around in what became known as the London market excess of loss (LMX) ""spiral"" and claim values escalated out of control. The rig's operator, Occidental Petroleum, bought a direct insurance policy from Lloyd's underwriters, who then passed part of their shares of the risk on to other syndicates via reinsurance. Those reinsurers then in turn reinsured part of the risk out to other reinsurance underwriters within Lloyd's, and so on. Consequently, many syndicates, especially those writing a large"
"said at the time that “the long day’s work is done”. Equitas Equitas is the name given to a group of companies that was formed in 1996 to reinsure the liabilities that had accumulated in the syndicates at Lloyd's of London on insurance policies written on the 1992 and all prior years of account. These liabilities were reinsured by Equitas Reinsurance Limited (ERL), which was also appointed as the run-off agent. The liabilities were then retroceded to Equitas Limited, to which ERL also delegated its run-off function. The proposal to set up the Equitas structure formed part of the Lloyd's"
"City of London Solicitors' Company The City of London Solicitors' Company is one of the 110 Livery Companies of the City of London. The Company was formed in 1908; the City granted it Livery status in 1944. The Company received a Royal Charter in 1958. Prior to 1969, when the City of London Law Society was formed, the Company functioned as a law society for the city's solicitors. Now, the Company mainly functions as a charitable body. The Company ranks seventy-ninth in the order of precedence for Livery Companies. Its motto is ""Lex Libertatis Origo"", Latin for ""Law is the"
"London P&I Club The London P&I Club abbreviated also London Club, and The London Steam-Ship Owners’ Mutual Insurance Association Limited is a group of protection and indemnity insurance (P&I) companies for mutual maritime insurance representing global ship-owners, founded and registered in England 1866, incorporated in 1875. The London Club offers FD&D insurance (Freight, Demurrage & Defence) and war risk insurance. It is a member of the International Group of P&I Clubs, an umbrella for thirteen separate clubs insuring 90% of the world's ocean-going freighters. In 1866, George Hodgkinson (*1817), a London shipowner at age 30 and member of the British"
"eight years earlier, formed the Roberts & Hiscox partnership for the purposes of managing syndicates at Lloyd's. Hiscox was elected chairman of Lloyd's in 1967, the same year his son Robert joined the group's Syndicate 33 as an underwriter of fine art and personal accident insurance. Robert Hiscox subsequently took over as head of the partnership in 1970 after the death of his father, and set about growing the size of the business. In 1987 the firm reorganised - a holding company, Hiscox Holdings Ltd, was established for the group, which comprised the subsidiaries Hiscox Syndicates (for managing syndicates) and"
"W D Lyons by the members of the ""Society"". This was in thanks for ""the able manner in which you have discharged your duties as President during the past year."" There follow twenty names of Union members, Vice President, Secretary, Treasurer, etc. This scroll is now in possession of a descendent of Mr Lyons. Membership grew steadily, from 480 on formation to 681 in 1892, with four new branches formed including one in London, and by 1901 it was able to employ Lewis Leckie as its first full-time general secretary. Under his leadership, the union joined the Labour Representation Committee."
"to provide and operate the infrastructure for the service. The original founding members of the new service were: Abbey (now Santander UK), Alliance and Leicester (now part of Santander UK), Barclays, Citi, Clydesdale and Yorkshire Banks, Co-operative Bank, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, Northern Bank (Danske Bank), Northern Rock, and Royal Bank of Scotland Group (including NatWest and Ulster Bank). Abbey and Alliance & Leicester merged their membership under Santander UK in February 2011, Bank of Scotland merged their membership into Lloyds TSB in September 2011 and Northern Rock resigned from membership in October 2011. The ten remaining"
"represent Standard Chartered, British Bankers' Association, Lloyd's, Association of British Insurers, Law Society of England and Wales, Association for Financial Markets in Europe, Institute of Chartered Accountants, Goldman Sachs, JP Morgan, Standard Life, HSBC, Thomson Reuters, BNP Paribas, and Prudential. Meetings are attended by representatives from HM Treasury, Department of Business, Innovation and Skills, and Foreign and Commonwealth Office. A separate High Level LOTIS Working group was established in 1998 and was later chaired by Leon Brittan. The LOTIS Committee formed a separate working group for discussions specific to the Transatlantic Trade and Investment Partnership. The TTIP Working Group consists"
"Lime Street, London Lime Street is a minor road in the City of London between Fenchurch Street to the south and Leadenhall Street to the north. Its name comes from the lime burners who once sold lime from there for use in construction. It is perhaps best known as the current home of the world's largest insurance market, Lloyd's of London, since its newest building was opened on the street in 1986. Opposite Lloyd's, the Willis Building is the global headquarters of insurance broker Willis. A 35-storey building has been proposed at 52-54 Lime Street, and upon approval and completion"
"insurers, reinsurers, P&I Clubs, brokers and other companies that are typically physically located in the City of London. Lloyd's of London is a big participant in this market. The London market also participates in personal lines and commercial lines, domestic and foreign, through reinsurance. Commercial lines products are usually designed for relatively small legal entities. These would include workers' compensation (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including"
"a member of The Dai-Ichi Tokyo Bar Association and a Solicitor of the Senior Courts of England and Wales. Simon Davies (lawyer) Simon Davies (born 1967) is a British lawyer and businessman. He was appointed as the youngest ever firmwide managing partner at Linklaters in 2008. In 2016, he will be moving to Lloyds Banking Group to become the chief people, legal and strategy officer and a member of the group's executive committee. Davies joined Linklaters as a trainee in their London office in 1990 and became partner in 1999. He spent 12 years in Asia, specialising in M&A and"
"Catlin Syndicate at Lloyd's (Syndicate 2003), the largest syndicate at Lloyd's of London in terms of premium volume, and Catlin UK (Catlin Insurance Company (UK) Ltd.), which writes UK regional business as well as London market wholesale business. The Bermuda hub consists of the operations of Catlin Bermuda (Catlin Insurance Company Ltd.), which underwrites property and casualty treaty reinsurance and selected classes of specialty insurance. The United States hub, which trades under the Catlin US brand, includes business underwritten by Catlin's 17 US offices. These offices underwrite on behalf of US-based insurers owned by the Catlin Group—Catlin Insurance Company Inc.,"
"example, individuals and companies seeking insurance, or insurance companies seeking reinsurance). For most of Lloyd's history, rich individuals known as Names backed policies written at Lloyd's with all of their personal wealth and took on unlimited liability. Since 1994, Lloyd's has allowed corporate members into the market, with limited liability. The asbestosis losses in the early 1990s devastated the finances of many Names: upwards of 1,500 out of 34,000 Names (4.4 per cent) were declared bankrupt. This scared away other potential Names. In 2011 individual Names provide only 11 per cent of capacity at Lloyd's, with UK-listed and other corporate"
"Equitas Equitas is the name given to a group of companies that was formed in 1996 to reinsure the liabilities that had accumulated in the syndicates at Lloyd's of London on insurance policies written on the 1992 and all prior years of account. These liabilities were reinsured by Equitas Reinsurance Limited (ERL), which was also appointed as the run-off agent. The liabilities were then retroceded to Equitas Limited, to which ERL also delegated its run-off function. The proposal to set up the Equitas structure formed part of the Lloyd's ""Reconstruction and Renewal"" (R&R) plan. It was accepted by 90% of"
"in 2017, a syndicate of six hospital catering staff from Wales shared a £25 million EuroMillions jackpot prize. Lottery syndicate A lottery syndicate is a group of individuals who play the lottery together. By pooling their money and buying multiple tickets collectively, players increase their chance of winning a lottery draw and share any winnings between them. In the UK, 1 in 5 of top game prizes across Lotto, EuroMillions, and EuroMillions UK Millionaire Maker are won by syndicates. Lotteries have been around since the days of the Chinese Han dynasty, with keno slips believed to have financed significant landmarks"
"2007, briefly Haringey, Islington and City Credit Union (with the support of Haringey Council) in 2011 and finally adopted the current name, broadening its catchment to include Barnet, Camden and Hackney, in 2012. Hornsey Co-operative Credit Union, one of Britain's first registered credit unions, and North West London Credit Union transferred engagements to London Capital in 2013, followed by the smaller Radio Taxicabs Credit Union in 2014. David Lammy, Labour member of Parliament for Tottenham, was signed into membership in 2014, followed by Dave Prentis, General Secretary of the public service trade union, UNISON (the President of Unity Trust Bank"
"and options in the loco London market. Members also include fabricators, brokers, refiners and shippers. A number of Members have been reclassified as Market Makers. Market Makers have the same rights as Full members but also have the additional responsibility to quote bid and offer prices to each other during the London business day, for agreed minimum quantities and tenors in both gold and silver. Market Makers must provide this service across one or more products, being Spot, Options and Forwards. There are thirteen LBMA Market Makers who provide the service in one, two or all three products. The Associate"