London is still considered as the world's insurance and reinsurance center. But no professional reinsurance company is owned by UK shareholders - the Germans, Swiss, Americans and French dominate. Lloyd's has ceased to be a members-only organization and now franchises its brand to insurance companies from all over the world. Some syndicates are still UK-owned. London is the home of the Institute of London Underwriters and the London Underwriting Centre.
What makes the "London Market" different?
Can London maintain its pole position in the 21st Century?
Robert Woodthorpe Browne
Robert Woodthorpe Browne is a Reinsurance Broker and Consultant specializing in Central and Eastern Europe and Third World countries. He is director of Robert Browne & Partners Ltd, and was from 1979 to 1995 a Member of Lloyd's.
Robert Woodthorpe Browne is also an active member of the Liberal Democrats, which he has been a member of since his school days. As well as standing for the Lib Dems in various general elections and by-elections, Browne has held a number of posts within the Liberal Democrat or related organizations, including Chairman of the Parliamentary Candidates Association from and Chairman of Liberal International (British Group).
Contract that, by redistributing risk among a large number of people, reduces losses from accidents incurred by an individual. In return for a specified payment (premium), the insurer undertakes to pay the insured or his beneficiary a specified amount of money in the event that the insured suffers loss through the occurrence of an event covered by the insurance contract (policy). By pooling both the financial contributions and the risks of a large number of policyholders, the insurer is able to absorb losses much more easily than is the uninsured individual. Insurers may offer insurance to any individual able to pay, or they may contract with members of a group (e.g., employees of a firm) to offer special rates for group insurance. Marine insurance, covering ships and voyages, is the oldest form of insurance; it originated in ancient times with loans to shipowners that were repayable only on safe completion of a voyage, and it was formalized in medieval Europe. Fire insurance arose in the 17th century, and other forms of property insurance became common with the spread of industrialization in the 19th century. It is now possible to insure almost any kind of property, including homes, businesses, motor vehicles, and goods in transit. See alsocasualty insurance; health insurance; liability insurance; life insurance.