Lloyd's of London : Everything you need to know

Lloyd’s of London is a reinsurance and insurance market known for global, high-risk specialty coverage. In 2024, it wrote £55.5 billion in premiums and earned £5.3 billion in underwriting profit. 

History of Lloyd’s of London 

Lloyd’s began in 1688 as a coffee house where shipowners met to discuss marine risks. By 1774, it had evolved into a formal insurance society operating from the Royal Exchange. In 1871, the Lloyd’s Act gave it legal status as a corporate body. 

Other key milestones in Lloyd’s of London’s history include: 

• 1906: paid all claims from the San Francisco earthquake, strengthening its global reputation 
• 1928: moved into its first owned building at 12 Leadenhall Street, London 
• 1965: wrote the first satellite insurance policy, covering Intelsat I 
• 1986: opened its iconic Lime Street headquarters, designed by Richard Rogers 
• 1996: established Equitas to manage pre-1993 liabilities and asbestos-related claims 

Lloyd’s of London has adapted to rising climate and cyber risks worldwide in recent years. And despite major claims in 2024, it maintained a combined ratio of 87 percent which shows strong market performance. 

Reinsurance products and services 

Lloyd’s of London delivers a broad range of reinsurance solutions tailored to high-risk and specialty exposures through distinct products, services, and digital tools: 

Products 

These core offerings allow Lloyd’s syndicates to manage specific and group-based insurance risks: 

• facultative reinsurance: covers single, high-risk exposures on a case-by-case basis 
• treaty reinsurance: covers a full portfolio of similar risks through a single agreement 
• excess of loss cover: reinsures losses above an insurer’s set retention threshold 
• quota share treaty: splits premiums and claims based on a fixed percentage 
• stop loss reinsurance: protects insurers from losses that exceed a certain total limit 
• structured reinsurance: offers customized terms like loss caps or profit-sharing clauses 
• multi-line reinsurance: combines multiple business lines, like property and liability, in one plan 
• retrocession solutions: offers reinsurance protection to other reinsurers for large events 

Lloyd’s of London’s reinsurance products help manage both everyday and extreme risks with global flexibility. These solutions support insurers, reinsurers, and brokers handling high-stakes exposures across many industries. 

Tools 

Lloyd’s of London offers platforms to help participants manage compliance and support global operations: 

• Crystal+ platform: gives real-time tax and regulation rules by region for reinsurance deals 
• Atlas system: supports oversight of coverholders and delegated underwriting authorities 
• business timetable tool: helps track global regulatory deadlines and reporting tasks 

Lloyd’s also supports reinsurers with global claims help, US reciprocal reinsurer status, and cross-border licensing. These services make it easier to settle claims, reduce collateral, and meet local rules worldwide. 

Culture and core values 

Lloyd’s of London fosters a culture centered on inclusion, performance, and global talent development. Its goal is to create a high-performing workplace that attracts diverse professionals worldwide. 

Workplace environment 

In 2023, Lloyd’s launched Inclusive Futures to support Black and ethnically diverse talent at all levels. It also offers a strong rewards package to support employee needs and long-term well-being: 

• PTO: includes 25+ vacation days, with options to buy or sell more 
• family leave: provides 26 weeks of paid leave for any primary or secondary caregiver 
• health coverage: private medical plans are available, with options for family members 
• income protection: replaces part of salary during long-term sickness or recovery 
• pension plan: includes generous company contributions toward retirement 
• flexible benefits: 3 percent salary allowance to use on extras like fitness or travel 
• life assurance: pays up to 12x base salary in the event of employee death 
• on-site support: wellness center and discounted meals at work locations 

This workplace model reflects Lloyd’s drive to create fairness, grow talent, and support every career stage. 

Strategic priorities and key initiatives 

Lloyd’s of London follows four clear goals to guide its long-term growth, performance, and purpose: 

1. performance: syndicates must meet clear targets through sound business plans and steady results 
2. digitalization: Blueprint Two drives automation to make claims, placements, and renewals more efficient 
3. purpose: decisions are shaped by global needs such as climate risk, conflict, and health emergencies 
4. culture: the market tracks fairness, board focus, and inclusion through measurable actions 

These pillars keep Lloyd’s focused on strong delivery, smart tools, and a shared sense of purpose. 

The future at Lloyd’s of London 

Lloyd’s has named Sir Charles Roxburgh as its next chair to lead future growth and market reform in 2025. Lloyd’s will benefit from Roxburgh’s finance and government background as it navigates change and digital growth. 

Lloyd’s of London continues to improve its reinsurance platform through digital upgrades, stronger data use, and clearer regulations. Blueprint Two and new market standards seek to support faster and simpler reinsurance across global partnerships.