Lloyd's of London
Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a meeting place where multiple financial backers, underwriters, or members, whether individuals (traditionally known as Names) or corporations, come together to pool and spread risk. Unlike most of its competitors in the insurance and reinsurance industry, it is not a company. The Society of Lloyd's was incorporated by the Lloyd's Act 1871.


Formation.
The market began in Edward Lloyd's coffeehouse around 1688 in Tower Street, London. His establishment was a popular place for sailors, merchants, and ship owners, and Lloyd catered to them with reliable shipping news. The shipping industry community frequented the place to discuss insurance deals among themselves. Just after Christmas 1691, the coffee shop relocated to Lombard Street (a blue plaque commemorates this location). This arrangement carried on until 1774, long after Lloyd's death in 1713, when the participating members of the insurance arrangement formed a committee and moved to the Royal Exchange as The Society of Lloyd's.

Types of Policy.
Lloyd's syndicates write a diverse range of policies, both direct insurance and reinsurance, covering property, motor, liability, marine, aviation, catastrophe and many other risks. Lloyd's has a unique niche in unusual, specialist business such as kidnap and ransom insurance, fine art insurance, aviation insurance, marine, etc.

The Building.
The present Lloyd's building, at no. 1 Lime Street, was designed by architect Richard Rogers and was completed in 1986. It stands on the site of the old Roman Forum. The 1925 facade still survives, appearing strangely stranded with the modern building visible through the gates. In the great Underwriting Room of Lloyd's stands the Lutine Bell, which was struck when the fate of a ship “overdue” at its destination port became known. If the ship was safe, the bell would be rung twice: if it had sunk, the bell would be rung once. (This had the practical purpose of immediately stopping the sale or purchase of “overdue” reinsurance on that vessel.) Now it is only rung for ceremonial purposes, such as the visit of a distinguished guest (two rings), or for the annual Remembrance Day service, and for major world catastrophes, such as 9/11 and the Asian Tsunami Disaster (one ring).

Media

36 photos and 1 video

Building Activity

  • updated a digital reference
    about 5 years ago via Annotator
  • Kiril Pavlov
    Kiril Pavlov uploaded a media file
    The Lloyds Building
    about 5 years ago via OpenBuildings.com
  • Tom Mallory
    Tom Mallory commented
    Does anyone have more interior pics of this building? Would be interesting to see...
    about 6 years ago via OpenBuildings.com