They are called investors.
The names are groups of investors, both individuals and corporations, who are known to form syndicates to evaluate and speculate on a particular risk. That is, they are risk takers who provide insurance together for various activities. A syndicates functions as a small insurance company, taking risks and paying claims.
What Is Lloyd's of London?
Lloyd's of London, often referred to today simply as Lloyd's, is an insurance and reinsurance marketplace. Its members operate as syndicates to provide insurance coverage for businesses, organizations, and individuals. The syndicates specialize in different types of risks and each syndicate decides which risks to insure. The main purpose of Lloyd's is to facilitate transactions between insurance buyers and sellers.
Understanding Lloyd's of London :
Lloyd's is not an insurance company. Rather, it is a corporate body governed by the Lloyd's Act of 1871 and subsequent acts of the British parliament. It operates as a partially mutualized marketplace consisting of multiple financial backers, grouped into syndicates, which pool and spread risks. These underwriters, or "members," include both companies and private individuals, the latter of which are known as "names." In essence, Lloyd's is a marketplace where buyers of insurance and sellers of insurance can conduct business.
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