What kind of organization is Lloyd's?

Lloyd's London branch is a global insurance and reinsurance market, which was established in Britain in the early17th century. Lloyd's is not a traditional insurance company, but an insurance market and underwriting institution, which is composed of several independent insurers (members). These members are often referred to as "Lloyd's members". They share risks and provide various insurance products and services.

Lloyd has a unique organizational structure, its main features include:

1. Mutual insurance: Lloyd's members share risks and form a mutual insurance system. Each member needs to be responsible for the losses of other members, and also enjoys the right of other members to be responsible for their losses.

2. Brokerage system: Lloyd's insurance business is mainly conducted through insurance brokers. These brokers make inquiries from Lloyd's members on behalf of their clients and help arrange insurance contracts.

3. Open market: Lloyd's is an open insurance market, and any qualified insurance company or individual can apply for membership. This has brought Lloyd's more underwriting capacity and risk dispersion.

4. Self-discipline management: Lloyd's conducts self-discipline management through its board of directors and regulatory agencies. The board of directors is responsible for formulating rules and standardizing market behavior, and the regulatory agency is responsible for supervising the compliance of members to ensure the fair, just and orderly operation of the market.

Lloyd's has a wide range of business, including property insurance, liability insurance, shipping insurance, aviation insurance and energy insurance. As one of the largest insurance and reinsurance markets in the world, Lloyd's plays an important role in the insurance industry.