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Stonehedge
I worked in the Lloyds market for names agents and underwriters many years ago. During the time when the market suffered a collapse because the rules were being broken and money that it was taken on trust would be held in cash simply wasn't there. It's also directly connected to the bonds and equity markets in terms of the amounts held as collateral against the underwritten risk.
I won't say too much about the 'names' who put the money up but it's common knowledge that it's a popular scheme for landed gentry etc. to make a little more on their investments and no one expects to ever lose.
But yes, it is an ancient industry that shows we were once leading in the provision of networks to support risk in the world. No doubt it supplies some tax revenue whilst supplying profits for the 'wealthy' which are not supposed to be leveraged but in the past have been shown to be.