Introduction
The name Lloyd’s needs no introduction. It is one of the world’s oldest names in the banking and insurance industry. They are in insurance and reinsurance business for about 330 years now. It was founded by Edward Lloyd in 1688, the same year; England witnessed Glorious Revolution that changed England forever. So it was the era of revolutions and reforms in the political and the business world. These major changes in the history of England were followed by the Agricultural Revolution and Industrial Revolution.
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 is stronger than ever. It is regulated by highly qualified professionals and businessmen.
Lloyd’s Coffee House
It all started in Lloyd’s Coffee House which was opened by Edward Lloyd 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 got fame as a place for marine insurance.
Importance of Lloyd’s
Lloyd’s of London plays a very important role in the leading financial capital of the world: London. In its 330 years history, it played an important role in tough and hard 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.
