Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament. It operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is referred to as the "ceding company" or "cedent". The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain solvent after major claims events, such as major disasters like hurricanes or wildfires. In addition to its basic role in risk management, reinsurance is sometimes used to reduce the ceding company's capital requirements, or for tax mitigation or other purposes.
Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability arising from such guarantee. An underwriting arrangement may be created in a number of situations including insurance, issues of security in a public offering, and bank lending, among others. The person or institution that agrees to sell a minimum number of securities of the company for commission is called the underwriter.
Chubb Limited is an American-Swiss company incorporated in Zürich, and listed on the New York Stock Exchange (NYSE) where it is a component of the S&P 500. Chubb is a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and is the largest publicly traded property and casualty insurance company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance.
Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.
Marine insurance covers the physical loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though marine insurance also includes onshore and offshore exposed property,, hull, marine casualty, and marine losses. When goods are transported by mail or courier or related post, shipping insurance is used instead.
Axa XL is an American subsidiary of global insurance and reinsurance company Axa. It is headquartered in Stamford, Connecticut, domiciled in Hamilton, Bermuda, and has more than 100 offices on 6 continents.
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise.
Insurance Cycle is a term describing the tendency of the insurance industry to swing between profitable and unprofitable periods over time is commonly known as the underwriting or insurance cycle.
MS Amlin Ltd is an insurer operating in the Lloyd's, UK, Continental Europe and Bermudian markets. Specialising in providing insurance cover to commercial enterprises and reinsurance protection to other insurance companies around the world, MS Amlin's shares were listed on the London Stock Exchange until it was acquired by Mitsui Sumitomo Insurance Group in February 2016.
Beazley plc is the British parent company of specialist insurance businesses with operations in Europe, North America and Asia. The company is based in London, England, and is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
Catlin Group Limited was a Bermuda-based specialty insurance and reinsurance company. Catlin operated six underwriting hubs worldwide and operated more than 55 offices worldwide. It owned the largest syndicate at Lloyd's of London, based on 2011 gross written premiums. Catlin shares were listed on the London Stock Exchange until it was acquired by XL Group plc in May 2015.
Captive insurance is an alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself. The main purpose of doing so is to avoid using traditional commercial insurance companies, which have volatile pricing and may not meet the specific needs of the company. By creating their own insurance company, the parent company can reduce their costs, insure difficult risks, have direct access to reinsurance markets, and increase cash flow. When a company creates a captive they are indirectly able to evaluate the risks of subsidiaries, write policies, set premiums and ultimately either return unused funds in the form of profits, or invest them for future claim payouts. Captive insurance companies sometimes insure the risks of the group's customers. This is an alternative form of risk management that is becoming a more practical and popular means through which companies can protect themselves financially while having more control over how they are insured.
Brian Charles Duperreault is a Bermuda-born American executive in the insurance industry. He stepped down as executive chairman of American International Group in December 2021.
Argo Group International Holdings, Inc, or Argo Group, is a U.S.-based underwriter of specialty insurance products in the property and casualty market.
Dame Inga Kristine Beale, DBE is a British businesswoman and the former CEO of Lloyd's of London. In June 2018, it was announced that she would be stepping down as CEO of Lloyd's after leading the global insurance and reinsurance market for five years, embedding modernisation and cultural change during her tenure. She has been the president of The British-Swiss Chamber of Commerce since February 2022.
Robert Ralph Scrymgeour Hiscox is a British businessman, art collector, and philanthropist. He was chairman of Hiscox Ltd, a firm of Lloyd's of London underwriters, for 43 years until his retirement in 2013.
London United Investments PLC (LUIS) was a Lloyd's insurance underwriter based in London, United Kingdom. The company collapsed in 1990 in what was at the time the largest bankruptcy of an insurance company. London United Investments was a major player in the US casualty insurance market.
Cuthbert Eden Heath OBE, DL was a British insurance businessman, underwriter, broker, and syndicate owner at Lloyd's of London from 1880 until 1939. A relentless innovator and novel risk-taker, he has been called "the father of modern insurance", "the maker of modern Lloyd's", and "the father of non-marine insurance at Lloyd's", having through his actions transformed Lloyd's from a British marine-only insurer to the complex and varied international general and specialty-risk insurer it is today, and having cemented Lloyd's sterling reputation, as a reliable insurer which promptly and fully paid all valid claims, in the U.S. and throughout the world.
£4,483.2 million (2023) [1] 
