Lloyd’s occupies a unique position in the world of insurance and reinsurance and has done so for over 300 years. The Lloyd’s market has grown from a marine base to become a leading market for specialist and casualty insurance accepting business from over 200 countries and territories worldwide. Premiums accepted in 2014 amounted to £25.3 billion. Around 34% of that business related to reinsurance business and 44% related to US and Canadian business. From the reinsured’s point of view, there is little difference on the face of it between a reinsurance contract taken out with a Lloyd’s syndicate and a reinsurance contract taken out with an insurance company. The structure of Lloyd’s and the chain of security underlying contracts of insurance and reinsurance underwritten by Lloyd’s members is, however, unique. These issues are discussed more fully below.
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