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Английский для бизнеса Выпуск 34 - Lloyd's of London


 

АНГЛИЙСКИЙ ДЛЯ БИЗНЕСА

Выпуск 34

рассылка сайта www.english-2days.narod.ru

28.03.2010

Выходит с 18.11.2004

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Тема: Insurance - Lloyd's of London

Видео: Lloyd's underwriting area

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Тема

Insurance - Lloyd's of London

Lloyd's, also known as Lloyd's of London, is a British insurance market. It serves as a meeting place 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 reinsurance market, it is not a company. The Society of Lloyd's was incorporated by Lloyd's Act 1871.The market began in Edward Lloyd's coffeehouse around 1688 in Tower Street, London. His establishment was a popular place for sailors, merchants, and shipowners and Lloyd catered to them with reliable shipping news. The shipping industry community frequented the place to discuss insurance deals among themselves.

Lloyd's is not an insurance company. It is an insurance market of members. As the oldest continuously active insurance marketplace in the world, Lloyd's has retained some unusual structures and practices that differ from all other insurance providers today. Originally created as an unincorporated association of subscribing members in 1774 it was incorporated by the Lloyd's Act 1871, and is governed under the Lloyd's Acts of 1871 through to 1982.

Lloyd's itself does not underwrite insurance business, leaving that to its members. Instead the Society operates effectively as a market regulator, setting rules under which members operate and offering centralized administrative services to those members.

Businesses at Lloyd's

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 example, individuals and companies seeking insurance, or insurance companies seeking reinsurance).

Market structure

Lloyd's of London had the following structure:

  • Capital providers

    • 1238 corporate members

    • 773 individual Names with unlimited liability

  • Market participants

    • 51 managing agents

    • 87 syndicates

    • 176 Lloyd's brokers

Lloyd's syndicates write a diverse range of policies, both direct insurance and reinsurance, covering property, motor, liability, marine, aviation, catastrophe and many other risks. Lloyd's has a unique niche in unusual, specialist business such as kidnap and ransom insurance, fine art insurance, aviation insurance, marine, etc. /wikipedia.org/

Слова

insurance market - страховой рынок

backer - поручитель, индоссант

underwriter - андеррайтер, гарант

pool and spread risk - объединенный и разделенный риск

reinsurance - перестрахование

policy - полис

Find the answers to these questions:

1. Is Lloyd's a company or a market?

2. Who are the main 'players' at Lloyd's?

3. How did this meeting place get its name?

4. What is specific in Lloyd's business niche ?

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