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Since 1688, Lloyd’s of London has constantly adapted to become the leading global insurance marketplace that it is today.
Lloyd’s has had to evolve to continue to attract investment from both institutions and private investors. Arguably, the biggest change happened in 1994 when Lloyd’s introduced corporate structures (but didn’t stop unlimited names from joining thereafter), ensuring the mitigation of the events that damaged its reputation in the preceding decade.
TheWealthNet - The evolution of Lloyd's of London (paminsight.com)