Post on 03-Apr-2018
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A historyof lloyds
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1688:Edward Lloyds coffee house is first mentioned in the London Gazette. It isfrequented by ship owners and merchants seeking shipping news, which attracted thoseproviding insurance for ships and cargo the underwriters
17th century
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1760: Underwriters at Lloyds form the independent society that becomes LloydsRegister of Shipping
1771: Seventy-nine underwriters subscribe 100 each towards a new building andmaking them Lloyds first subscribers. Nine of these subscribers are elected to aCommittee
1774:Lloyds moves to the Royal Exchange in Cornhill
18th century
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1802:Lloyds provides 2,000 to establish lifeboats on Britains coasts.
This was the beginning of the lifeboat service, operated since 1824 by the Royal NationalLifeboat Institute
1811:Lloyds adopts a Trust Deed which allows theCommittee to legally manage the affairs of the subscribers
1838: The Royal Exchange and many early Lloydsrecords are destroyed in a fire
1871:Lloyds Act of Parliament makes it illegalfor anyone who is not a recognised underwritingmemberof Lloyds to sign his name to a Lloyds
policy. From 1873, to further cement this newstatus, Lloyds adds a seal to every policy
19th century
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1877: Cuthbert Heath, a prominent Lloyds underwriter, writes Lloyds first reinsurance
contract for a fire insurance company, which subsequently provides cover for profit lossesas a consequence of fire
1885: Cuthbert Heath writes the first insurance in the USA for damage caused by anearthquake
19th century
19th Century door plaque proving premises is fire insured
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1906: San Francisco earthquake devastates the city
and Cuthbert Heath promises to pay the policy holdersin full irrespective of the terms of their policies
1908:Auditing of members accounts isintroduced and they are obliged to pay premiums
into trust funds which ensures that Lloyds is financially robust
1912:Lloyds writes the insurance policies for the Titanicand her sister ship, Olympic. When the Titanic sinks on 14 April,all claims are paid out in full within 30 days of the tragedy
20th century
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1927:Lloyds Central Fund is created,and at the discretion of the Committee,it ensures valid claims are paid
1928: King George V and Queen Maryopen Lloyds new building in Leadenhall Street
20th century
1939: Lloyds America Trust Fundis established
1958: Lloyds moves to Lime Street andthe Queen Mother, along with PrincessMargaret, open the premises
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1982: The Lloyds Act of 1982 is put in place which introduces a new governing Council
1986: Her Majesty the Queen opens Lloyds newbuilding in One Lime Street, designed by Richard Rogers
1994: Introduction of corporate capital
1997: Lloyds syndicates lead the cover for theHibernia oil platform which is believed to be the largestsingle risk ever placed in the international energyinsurance market. The 650,000 tonne structureoperates off Newfoundland
20th century
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2001: Two hijacked planes are flown into the World Trade Center in New York. Lloyds
was the biggest single insurer of both the World Trade Center and the two hijacked planes
2002: New franchise proposals approved and a Franchise board is appointed to ensurethe marketplace is working to the highest standards
21st century
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2005: Hurricanes Katrina, Rita and Wilma hit the Gulf of Mexico and Lloyds pay out
$17bn to help rebuild the devastated region
2007: Lloyds open an onshore reinsurance operation in Shanghai
21st century
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21st century
2011: The second costliest year for catastrophes on record for the insurance industryas a result of floods in Thailand and Australia, earthquakes in New Zealand and thetsunami in Japan. Lloyds will pay out approximately 13bn in claims
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2012: Prime Minister David Cameron, Lloyds Chairman John Nelson and Lloyds CEO
Richard Ward launch Vision 2025, a strategy to ensure Lloyds becomes the major globalhub for specialist insurance and reinsurance
21st century
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The Lutine Bell: In 1799 the HMS Lutine ship sunk on route from London
to Germany, carrying a vast sum of gold and silver, insured by Lloyds underwriters.The Lutine Bell was recovered from the wreck and re-hung from the rostrum ofthe Lloyd's Underwriting Room where it still hangs today. It is traditionally rung toherald important announcements
Traditions at lloyds
Nelson at Lloyds: The Nelson Collection brings togetheran amazing assortment of valuable silverware, letters and othermemorabilia associated with Horatio Nelson. Nelson was famousfor his service in The Royal Navy during the Napoleonic Wars anddied a hero at the Battle of Trafalgar in 1805. To show theirgratitude for Nelsons achievements, the merchants at Lloyds
Coffee House raised funds to relieve the suffering of the wounded
and bereaved. The Lloyds Patriotic Fund continues to providesupport for ex-servicemen and women
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Lloyds waiters: Lloyds waiters used to be sent down to the dockside to bring
news of the new ships. The waiters can still be seen at Lloyds today outside theentrances to One Lime Street
The Adam Room: Originally designed by Robert Adam in 1763 as part ofBowood House, the Adam Room was inspired by a visit to Rome, leading Adam to createa look of classical antiquity. The room was purchased by Lloyds and now provides a
striking contrast with the present Lloyds building
Traditions at lloyds
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There are more stories about the history of Lloyds on our website, click on the links to read more.
Historyof Lloyds buildings
www.lloyds.com/lloydsbuildingsTake a virtual tour of the 1986 building www.lloyds.com/tour
Cuthbert Heath www.lloyds.com/cuthbertheath
San Francisco Earthquake www.lloyds.com/sanfranearthquake
Lloyds and the titanic www.lloyds.com/titanic
Lutine Bell www.lloyds.com/lutinetreasure
The Nelson collection www.lloyds.com/flash/Nelson-Collection/main.html
Glossary of termswww.lloyds.com/glossary
Interactive timeline www.lloyds.com/lloydstimeline
Find out more
http://www.lloyds.com/lloydsbuildingshttp://www.lloyds.com/tourhttp://www.lloyds.com/cuthbertheathhttp://www.lloyds.com/sanfranearthquakehttp://www.lloyds.com/titanichttp://www.lloyds.com/lutinetreasurehttp://www.lloyds.com/flash/Nelson-Collection/main.htmlhttp://www.lloyds.com/glossaryhttp://www.lloyds.com/lloydstimelinehttp://www.lloyds.com/lloydstimelinehttp://www.lloyds.com/glossaryhttp://www.lloyds.com/flash/Nelson-Collection/main.htmlhttp://www.lloyds.com/flash/Nelson-Collection/main.htmlhttp://www.lloyds.com/flash/Nelson-Collection/main.htmlhttp://www.lloyds.com/lutinetreasurehttp://www.lloyds.com/titanichttp://www.lloyds.com/sanfranearthquakehttp://www.lloyds.com/cuthbertheathhttp://www.lloyds.com/tourhttp://www.lloyds.com/lloydsbuildings7/28/2019 Lloyds Colourful History
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