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United Kingdom
United Kingdom
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Lloyd’s of London: UK market structure, governance and byelaws, PRA/FCA regulation, underwriting with delegated authority, Chain of Security, Solvency UK capital setting, oversight and enforcement
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Practice notes
This Practice Note sets out an overview of Lloyd’s of London, alongside its governance and regulatory architecture. It explains how members and managing agents place insurance and reinsurance, and maps the Society of Lloyd’s various connections with members, managing agents, members’ agents, syndicates, brokers and coverholders. It also looks at Lloyd’s of London’s overall capital model, commonly called the Chain of Security, and gives a brief outline of the Society’s investigatory and enforcement powers.
What is the Lloyd’s market?
The Lloyd’s market is an insurance marketplace tracing its roots to the seventeenth century. Traders gathered at Edward Lloyd’s coffee house in London, arranging insurance cover for one another’s ventures. As global commerce moved largely by sea, until late in the nineteenth century the risks insured at Lloyd’s were almost entirely marine. Today, the Lloyd’s market underwrites risks across most classes of business. At Lloyd’s, insurance is written by members of Lloyd’s who combine together in syndicates. The syndicate’s members appoint managing agents to perform all underwriting functions on the members’ behalf. These syndicates compete with each other and with other insurers to write insurance and reinsurance policies.
The Society of Lloyd’s What is The Society of Lloyd’s?
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Web page updated on 21/05/2026
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