Which organization, established in the 17th century, is known for individuals writing insurance for their own accounts?

Lloyd's of London is renowned for its unique structure and historical significance in the insurance industry. Established in the late 17th century, it began as a coffee house where merchants and shipowners gathered to discuss maritime ventures. The characteristic feature that distinguishes Lloyd's is its association with underwriting, where individual underwriters would agree to insure specific risks for their own accounts, rather than through a centralized insurance company. This model allowed for a diverse set of risks to be pooled and covered, leading to the formation of a complex marketplace for insurance.

As a central hub for marine insurance initially, Lloyd's has expanded over the centuries to cover a wide array of insurance products beyond just maritime risks. The foundational practice of individuals underwriting risks for their own accounts has been a critical aspect of its operations, influencing how risk is assessed and managed in the broader insurance landscape today.