Lloyds Organizations

The Lloyds Organizations is an insurance syndicate, creating an insurance market for consumers, and an alliance among themselves (the insurance companies). If you’ve heard of Lloyd’s of London, that is something entirely separate, but with a similar structure.

The Lloyds Organizations isn’t your typical syndicate, which is when firms join together temporarily to get a big job done. Instead, it's funded by the insurance company members; those funds go toward conducting insurance transactions. There are multiple, smaller groups within the Lloyds Organizations (ergo the “s” on the end of “Organizations”). By pooling together, insurance brokers work with underwriters, which gets the best deal for clients and brokers alike (plus, underwriters get plenty of work coming their way if they’re prices are low enough, and if they’re reputable).

The entity is really more of a marketplace than anything else, so any and all liability stays with members, and doesn’t fall on the Lloyds Organizations itself. It’s not a place for insurance companies to go to share their risk. Or do much of anything other than find good golfing buds.