Lloyd’s itself is not actually an insurance “company”. We’re a marketplace, bringing together brokers (representing clients who need insurance cover) and the underwriters who work for insurance companies. Together they discuss each risk and then negotiate the cost and the terms for cover. Like any market, insurers compete with each other, although on larger more complex risks they may also work together.
Underwriters work for a diverse range of syndicates, which include international insurance companies to smaller niche firms. These syndicates join together to provide insurance for a single risk or program.
The Lloyd’s corporation oversees the smooth running of the market. It protects the Lloyd’s trading position, manages its financial assets, and strengthens its brand worldwide. It’s also where Lloyd’s support functions (IT, Finance, Marketing and so on) are housed.