It’s an insurance thing. The capital for Lloyd’s is provided by presumably wealthy individuals, who are called names. This historically is because they are the

It’s an insurance thing. The capital for Lloyd’s is provided by presumably wealthy individuals, who are called names. This historically is because they are the names underwriting losses. In the past, it literally meant their names would be written under the names of ships preparing for voyage, along with their lines (the amount of cover). Controversially, the ability of less wealthy individuals to become names has increased, similar to being an accredited investor in the US. Inflation makes the real bar lower every year. Insurance is literally gambling, especially if you know nothing about the risks you are taking in.