Lloyd's of London is a renowned insurance market located in the City of London. Established in the late 17th century, it originally began as a coffee house where merchants and shipowners gathered to discuss maritime risks. Today, it operates as a marketplace where various underwriters and brokers come together to provide specialized insurance coverage for a wide range of risks, including property, casualty, and marine insurance. The unique structure of Lloyd's allows multiple insurers to share the risk of large policies, making it possible to cover significant losses. Each member, known as a syndicate, operates independently but follows the same regulatory framework. This collaborative approach has made Lloyd's of London a leader in the global insurance industry.