Although the merchants were satisfied with the location of the Royal Exchange, they were not happy with the method of leasing it.
Therefore, they purchased the office building of the Royal Exchange outright and made it the trading floor for Lloyd's Insurance.
The distinction of Lloyd's Insurance from other insurance companies was that it was not so much a company in the conventional sense, but rather a public trading platform for individual insurance merchants.
If modern concepts were to be applied, Lloyd's Insurance was an outright Syndicate-type monopoly.
In terms of independence, though the participants of the Syndicate maintained independence in production and legally, they were completely subjugated commercially to the headquarters and could not act independently.
Members of the Syndicate had to be highly unified commercially; they could not have direct contact with the market and could only negotiate business through the Syndicate.
