Introduction
The name Lloyd’s needs no introduction. It is one of the world’s oldest names in the banking and insurance industry. They have been in the insurance and reinsurance business for about 330 years. It was founded by Edward Lloyd in 1688, the same year England witnessed the Glorious Revolution that changed England forever. So, it was the era of revolutions and reforms in the political and business world. The Agricultural Revolution and Industrial Revolution followed these major changes in the history of England.
Lloyd’s of London
Lloyd’s of London or simply Lloyd’s a marketplace in London. It is not an insurance company; it is a partially mutualized marketplace. Some financial backers and grouped in syndicates work together in Lloyd’s. These banking organizations come together to pool and spread risk. Today, it is more sophisticated and stronger than ever. Highly qualified professionals and businessmen regulate it.
Lloyd’s Coffee House
It all started in Lloyd’s Coffee House, which Edward Lloyd opened in 1688 on Tower Street. The place Lloyd chose was already famous among merchants, sailors, ship owners, and other notable business persons because Mr. Lloyd was used to providing important news to them. The coffee house soon became famous as a place for marine insurance.
Importance of Lloyd’s
Lloyd’s of London plays a very important role in the world’s leading financial capital: London. It has played an important role in its 330 years of history in tough times. It helped people in the aftermath of the sinking of ships, hurricanes, earthquakes, and acts of terrorism. It is still playing a pivotal role in one of the leading financial centers in the world. It is committed to helping people in the future as well.
References
Smets, M., Jarzabkowski, P., Burke, G. T., & Spee, P. (2015). Reinsurance trading in Lloyd’s of
London: Balancing conflicting-yet-complementary logics in practice. Academy of Management Journal, 58(3), 932-970.
