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Because Lloyd's was a tax shelter as well as an insurance market, the second issue affecting Lloyd's was an increase in its external membership: by the end of the 1970s, the number of passive investors dwarfed the number of underwriters working in the market.
Third, during the decade a number of scandals had come to light, including the collapse of the Sass syndicate, which had highlighted both the lack of regulation and the lack of legal powers of the Committee of Lloyd's (as it was then) to manage the Society.
The investment gain was typically achieved by "bond washing" or "gilt stripping": selling the gilt or other bond cum dividend and buying it back ex dividend, thus forfeiting the interest income in exchange for a tax-free capital gain.
Syndicate funds were also moved offshore (which later created problems through fraud and self-dealing).
This establishment was a popular place for sailors, merchants, and ship-owners, and Lloyd catered to them with reliable shipping news.
Lloyd's of London, generally known simply as Lloyd's, is an insurance market located in the City of London, which exists inside London.The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in 1686.Today, it has a dedicated building on Lime Street, which opened in 1986.It was estimated that around 90 per cent of the damage to the city was caused by the resultant fires.Since 1906, fire following earthquake has generally been an insured peril under most policies.
Direct insurance represented 69 per cent of the policies written, mainly covering property and liability ("casualty"), while the remaining 31 per cent was reinsurance.