LLoyd’s of London still top kidnap and ransom insurance provider
For kidnap and ransom insurance this building is still Mecca
When it comes to Kidnap and Ransom insurance policies issued on a global basis, Lloyd’s of London is still the “insurance company” that writes the most policies worldwide. When seeking kidnap and ransom insurance quotes from Lloyd’s by an American company, 95% of the people we speak to are not aware that Lloyd’s is not an insurance company at all, but an insurance market (called the London market) that is made up of a variety of “insurance companies” inside the market called Syndicates. People often come to us for understanding the Lloyd’s of London market.
The Lloyd’s market has over 60 of these Syndicates. Not all of them write kidnap and ransom insurance but several of them do. Syndicates act as mini insurance companies and they work together to accept and bind risk. For large insurane risks, such as the insurance on the space shuttle cargo, many LLoyd’s Syndicates may be working together taking small pieces of a much larger risk much in the same way Insurance companies use reinsurance.
