Lloyd's, often referred to as Lloyd's of London, is a renowned insurance market located in London, England. It operates as a marketplace where various underwriters and brokers come together to provide insurance coverage for a wide range of risks, including marine, aviation, and property insurance. Established in the late 17th century, Lloyd's has a long history of innovation in the insurance industry. The structure of Lloyd's is unique, as it is not an insurance company but rather a society of members who pool their resources to underwrite risks. Each member, known as a syndicate, takes on a portion of the risk in exchange for premiums. This collaborative approach allows Lloyd's to cover large and complex risks that individual insurers may find challenging to underwrite.