One of the oldest of the City’s institutions, Lloyd’s of London is an international insurance market, which controls and regulates the activities of the groups offering insurance services under its name (Lloyds itself is now regulated by the FCA).

The capital that these groups – or syndicates – need to do business was once provided by individuals (‘names’) who accepted unlimited liability for the syndicate’s losses. Some private names still exist but many sustained huge losses in the early 1990s, and subsequently either left the market or started to funnel their capital through corporate vehicles to limit their liability.