Names bore unlimited liability for losses: if claims were large enough, they could be forced to give up everything they owned. But in practice, premiums usually exceeded claims by a comfortable margin, and Names received excellent returns. The group included British dukes, baronets, members of the landed gentry, banking scions such as the Rothschilds, and commercial dynasties including the Guinness family. The Lloyd’s market was, in effect, an invitation-only investment club for preserving wealth and privilege.
