Polangmar Apr 18, 2011:

It serves as a partially-mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals (traditionally known as Names) or corporations, come together to pool and spread risk. (...) For most of Lloyd's history, rich individuals (Names) backed policies written at Lloyd's with all of their personal wealth (unlimited liability). Since 1994, Lloyd's has allowed corporate members into the market, with limited liability.
http://en.wikipedia.org/wiki/Lloyd's_of_London