Magazine content is available exclusively for TIME subscribers.Insurance: What's in A Name?
Well-known for what it does -- insuring everything from actress's legs to communications satellites -- 303-year-old Lloyd's of London is less well understood for how it does it. Unlike most insurance companies, which have limited liability, Lloyd's is a society of underwriters or "names" who pool their funds in syndicates. When times are good, the names reap hefty profits. But when times turn foul, these investors are liable down to their last penny for claims against the syndicate. Recent big-time disasters like the explosion of PanAm Flight 103 over Scotland, America's Hurricane Hugo and the Exxon Valdez oil spill have turned...
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