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Lloyd’s, the biggest insurance business in the UK and in the world, is not a company, but an association of London underwriters. It was incorporated in 1871 and it is so called from Edward Lloyd. Edward Lloyd was the owner of a coffee house where underwriters at that time met to do business. Lloyd’s is regulated by several Acts of Parliament and by its own rules. Its administrated by the Council of Lloyd’s. Underwriters are grouped into 280 syndicates , generally specializing in particular types of risks. The syndicates vary in size from the relatively small units to the units of several thousand individuals