Lloyd's of London

LloydLloyds of LondonLloydsLloyd’s of LondonLloyd’sLloyd's insurance marketLloyd's of London PressCouncil of LloydLloyd's Act 1871British insurers
Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom.wikipedia
882 Related Articles

Insurance

insurance companyinsurance companiesinsurance industry
Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom.
These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses.

Underwriting

underwriterunderwritersunderwrite
These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".
The name derives from the Lloyd's of London insurance market.

Lloyd's building

Lloyds Building1, Lime Streeta dedicated building
Today, it has a dedicated building on Lime Street within which business is transacted at each syndicate's "box" in the underwriting "Room", with the insurance policy documentation being known traditionally as a "slip".
The Lloyd's building (sometimes known as the Inside-Out Building) is the home of the insurance institution Lloyd's of London.

Marine insurance

constructive total lossmaritime insurancemarine
The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in c. Marine insurance produced a 116 per cent combined ratio, driven by some large claims such as the Lürssen fire in Germany, while aviation insurance also performed poorly with a 112 per cent combined ratio.
These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses.

Lloyd's Coffee House

Edward LloydEdward Lloyd (coffeehouse owner)a coffee house
The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in c. The market began in Lloyd's Coffee House, owned by Edward Lloyd, sometime in 1686 on Tower Street in the City of London.
The dealings that took place led to the establishment of the insurance market Lloyd's of London, Lloyd's Register and several related shipping and insurance businesses.

Cuthbert Heath

Cuthbert Eden HeathCuthbert Heath, OBE, DL
While some insurance companies were denying claims for fire damage under their earthquake policies or vice versa, one of Lloyd's leading underwriters, Cuthbert Heath, famously instructed his San Francisco agent to "pay all of our policy-holders in full, irrespective of the terms of their policies".
Cuthbert Eden Heath OBE, DL (23 March 1859 – 8 March 1939) was a British insurance businessman, underwriter, broker, and syndicate owner at Lloyd's of London from 1880 until 1939.

Lime Street, London

Lime Street
Today, it has a dedicated building on Lime Street within which business is transacted at each syndicate's "box" in the underwriting "Room", with the insurance policy documentation being known traditionally as a "slip".
It is perhaps best known as the current home of the world's largest insurance market, Lloyd's of London, since its newest building was opened on the street in 1986.

Royal Exchange, London

Royal ExchangeThe Royal ExchangeLondon
This arrangement carried on until 1773, long after the death of Edward Lloyd in 1713, when the participating members of the insurance arrangement formed a committee and underwriter John Julius Angerstein acquired two rooms at the Royal Exchange in Cornhill for "The Society of Lloyd's".
The site was notably occupied by the Lloyd's insurance market for nearly 150 years.

Great Tower Street

Tower Street
The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in c. The market began in Lloyd's Coffee House, owned by Edward Lloyd, sometime in 1686 on Tower Street in the City of London.
Somewhere on Tower Street in 1688, Edward Lloyd opened Lloyd's Coffee House, where the insurance market Lloyd's of London originated.

London

London, EnglandLondon, United KingdomLondon, UK
Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom.
Along with professional services headquarters, the City of London is home to the Bank of England, London Stock Exchange, and Lloyd's of London insurance market.

Lombard Street, London

Lombard StreetLombardLombard-street
Just after Christmas 1691, the small club of marine insurance underwriters relocated to Lombard Street; a blue plaque on the site commemorates this.
Lloyd's Coffee House, which eventually became the global insurance market Lloyd's of London, moved to Lombard Street near the General Post Office from Tower Street in 1691.

Ron Sandler

New CEO Ron Sandler was instrumental in its implementation.
Ron Sandler CBE is a British businessman best known for his contribution in the rescue of Lloyd's of London, where he was CEO from 1995 to 1999.

Peter Levene, Baron Levene of Portsoken

Peter LeveneLord LevenePeter Keith Levene
Peter Keith Levene, Baron Levene of Portsoken (born 8 December 1941) is a businessman who was chairman of Lloyd's of London from 2003 until 2011 and Lord Mayor of London from 1998 to 1999.

Equitas

Equitas Ltd
Liabilities for all pre-1993 business (other than life assurance) were to be compulsorily transferred (by RITC) into a special vehicle named Equitas (which would require the approval of the UK's Department of Trade and Industry) at a cost of around $21bn.
Equitas is the name given to a group of companies that was formed in 1996 to reinsure the liabilities that had accumulated in the syndicates at Lloyd's of London on insurance policies written on the 1992 and all prior years of account.

Inga Beale

Inga Kristine Beale
Dame Inga Kristine Beale (born 15 May 1963) is a British businesswoman and the former CEO of Lloyd's of London.

John Nelson (businessman)

John Frederick NelsonJohn NelsonJohn Nelson – Chairman of Lloyds
John Frederick Nelson (born 26 July 1947) was formerly the Chairman of Lloyd's of London.

City of London

CityLondonthe City
The market began in Lloyd's Coffee House, owned by Edward Lloyd, sometime in 1686 on Tower Street in the City of London.
The London Stock Exchange (shares and bonds), Lloyd's of London (insurance) and the Bank of England are all based in the City.

Bruce Carnegie-Brown

Bruce Neil Carnegie-Brown (born December 1959) is a British insurance broker and former investment banker who has been Chairman of the insurance market Lloyd’s of London since June 2017, and is vice chairman of Banco Santander.

Reinsurance to close

This came about as a result of the Lloyd's accounting practice known as reinsurance to close (RITC).
It is most closely associated with the Lloyd's of London insurance market that comprises numerous competing "syndicates", and in order to close each accounting year and declare a profit or loss, each syndicate annually "reinsures to close" its books.

Rowland Baring, 3rd Earl of Cromer

Lord CromerThe Earl of CromerGeorge Rowland Stanley Baring, 3rd Earl of Cromer
Lloyd's response was to commission a secret internal inquiry in 1968, headed by Lord Cromer, a former Governor of the Bank of England.
He was responsible for the Cromer Report into Lloyd's of London.

Syndicate

syndicatesbanking syndicatecombine
Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament and operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk.
Some insurance markets such as Lloyd's of London provide insurance coverage underwritten by syndicates of investors who bear the full liability for meeting the costs of any claims.

Richard Ward (businessman)

Richard Ward
Prior to these roles, Ward was Chief Executive of Lloyd's of London, from 2006 to 2013.

1906 San Francisco earthquake

1906 earthquakeSan Francisco earthquakeSan Francisco earthquake of 1906
On 18 April 1906 a major earthquake and resulting fires destroyed over 80 per cent of the city of San Francisco.
Lloyd's of London reports having paid all claims in full, thanks to the leadership of Cuthbert Heath, more than $50 million and the insurance companies in Hartford, Connecticut report also paying every claim in full, with the Hartford Fire Insurance Company paying over $11 million and Aetna Insurance Company almost $3 million.

Hurricane Betsy

BetsyHurricane Betsy (1965)
In 1965 Lloyd's had around 6,000 members on 300 syndicates when Hurricane Betsy struck the Gulf of Mexico, costing the market over £50 million.
It was insured by Lloyd's of London for US$5.7 million (1965 dollars).

Aviation insurance

aviationProvision of Aviation Insurance Coverage for Commercial Air Carrier Service in Domestic and International Operations, 2005
Marine insurance produced a 116 per cent combined ratio, driven by some large claims such as the Lürssen fire in Germany, while aviation insurance also performed poorly with a 112 per cent combined ratio.
The first-ever aviation insurance policy was written by Lloyd's of London in 1911.