C) Look for articles about Ukrainian insurance companies . Present your information in class and comment on it

LLOYD’S OF LONDON

Lloyd's, the biggest insurance business in the UK and in the world, is not a company, but an association of London underwriters. It was incorporated in 1871 and it is so called from Edward Lloyd.

Edward Lloyd was the owner of a coffee house where underwriters at that time met to do business.

Lloyd's is regulated by several Acts of Parliament and by its own rules. It is administered by the Council of Lloyd's.

Today more than 20 000 members of Lloyd's in 80 countries work for Lloyd's. Underwriting members or underwriters are grouped into 280 syndicates, generally specialising in particular types of risks. The syndicates vary in size from the relatively small units to the units of several thousand individuals.

Insurance is usually undertaken through Lloyd's brokers rather than directly with Lloyd's underwriting members.

Lloyd's brokers know better what syndicate to approach and how to negotiate the business. They act, like other brokers, and negotiate on behalf of their customers. They do not bear any risks, since only underwriting members bear all the risks with unlimited liability. One of the main principles of insurance with Lloyd's is the spreading of risk as widely as possible among syndicates to minimise their losses. Lloyd's is best known as a centre of marine insurance, but at the same time all kinds of insurance are practiced there. In fact, at the present day marine insurance comprises less than half the total business undertaken. Almost anything can be insured there as well: aircraft, communication satellites, civil engineering projects, livestock and so on.

Besides they do some business in travels, publishing⁰ and land. It exists because it has evolved over the centuries to meet the needs of the day.

Lloyd's motto Fidentia means confidence in the future.

Words you may need:

underwriter – андерайтер

to negotiate – вести переговори

to bear (bore, borne) – нести, терпіти

spread – поширювати (ся)

comprise – охоплювати

satellite – супутник

evolve – розвивати (ся)

motto – девіз, лозунг

confidence – довіра