Begun in 1689 London, in Edward Lloyd’s Tavern Street coffeehouse frequented by ship-owners. Syndicate of insurance underwriters and brokers. Oldest and most famous of this type of organization . About 20,000 underwriters gather into some 280 syndicates. Each syndicate specializes in a specific type of risk. As a syndicate of syndicates, virtually any type of danger or risk is covered. Oddly enough, providing reinsurance to other insurance companies is. their main business.
Black’s Law Online Dictionary
