Lloyd's of London
"Lloyd's" redirects here. For other uses, see Lloyd
The name Lloyd is a variation of the Welsh word llwyd or clwyd, which means "grey" or "brown".-People:See main articles:* Lloyd * Lloyd * Lloyd Lloyd or Lloyd's or Lloyds may also refer to:...

Lloyd's, also known as Lloyd's of London, is a British insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...

 and reinsurance
Reinsurance is insurance that is purchased by an insurance company from another insurance company as a means of risk management...

 market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals (traditionally known as Names) or corporations, come together to pool and spread risk
Risk is the potential that a chosen action or activity will lead to a loss . The notion implies that a choice having an influence on the outcome exists . Potential losses themselves may also be called "risks"...

. Unlike most of its competitors in the insurance and reinsurance industry, it is not a company, but it is a corporate body under the Lloyd's Act 1871 of the British Parliament.