Originated in Edward Lloyd's coffee house on Tower Street, London, around 1688.62 The coffee house was popular among sailors, shipowners, and merchants, and Lloyd provided reliable shipping news.62 It became a known place for purchasing maritime insurance, covering ships and cargoes against sea perils.62 Evolved from an informal association to a formalized market, constituted as a society in 1771 and incorporated by the Lloyd's Act of 1871.62 It is not an insurance company, but a market where members (individuals known as "Names" and, later, corporations) form syndicates to underwrite risks.62 Syndicates specialize in different types of risk and are managed by Managing Agents.62 Brokers act as intermediaries between insurance buyers and syndicates.62 Historically, it played a crucial role in global maritime insurance, including Atlantic trade. It obtained a monopoly on maritime insurance related to the slave trade, maintained until the early 19th century, for which the institution later apologized.62 Structure based on syndicates that mutualize and distribute risk.62 The corporation of Lloyd's oversees the market.