Lloyd’s of London is a British insurance market, the largest in the world, with over 317 years in the international arena. Lloyd’s is considered the most secure place in the world to put a client’s premium. Lloyd’s serves as a meeting place where multiple financial backers or “members,” whether individuals (traditionally known as “Names”) or corporations, come together to pool and spread risk. Unlike most of its competitors in the reinsurance market, it is neither a company nor a corporation. (Taken from Wikipedia)
The market began in Edward Lloyd’s coffeehouse around 1688 in London. While Lloyd was only the proprietor of the coffeehouse, his establishment was a popular place for sailors, merchants, and shipowners. Lloyd catered to them with reliable shipping news and a variety of services. The shipping industry community frequented the place to discuss insurance deals among themselves.
This arrangement carried on long after Lloyd’s death in 1713 until 1774 when the participating members of the insurance arrangement formed a committee and moved to the Royal Exchange as The Society of Lloyd’s. The Exchange burned down in 1838 and, although rebuilt, many of Lloyd’s early records were lost. In 1871, the first Lloyd’s Act was passed in Parliament which gave the business a sound legal footing. The Lloyd’s Act of 1911 set out the Society’s objectives, which include the promotion of its members’ interests and the collection and dissemination of information.
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