Lloyd's of london

Lloyd got his name by the name of Edward Lloyd, the owner of a coffee house located on Tower Street, next to the Tower . This place is in the XVII century. (c. 1688 ) was popular with sailors , merchants, ship owners, where they constantly exchanged news. Since 1696, Lloyd began to issue a special leaflet, Lloyd News, three times a week, which is still available today. Here, ship and cargo insurance contracts were often concluded. After Christmas in 1691 , the coffee house moved closer to the center of the City of London on Lombard Street . Here she was long after the death of E. Lloyd ( 1713 ) until 1774 . After the death of E. Lloyd, the organization was headed by Julius Angerstein, who, in fact, became the true creator of the Lloyd Corporation and known under the name “Lloyd's Father”. ^[one]

Julius Angerstein was born in St. Petersburg . His father was an Englishman, and his mother was Russian. At the age of 14, he moved with his parents to England . There he entered the service of the famous merchant A. Thompson, a regular visitor to the Lloyd's coffee shop. Angerstein became an insurer and was soon elected chairman of the Lloyd Committee. In 1811, he managed to officially formalize the status of the Lloyd Committee through parliament, which significantly strengthened the credibility of Lloyd and expanded the company's operations. ^[one]

In 1774, the Lloyd Society moved to the Royal Exchange building in the very center of the City .

Between 1688 and 1807 one of the main types of business was the insurance of ships participating in the slave trade . British ships transported more than 3.25 million slaves. During the same period, 1,053 British ships related to the slave trade disappeared / sank.

In 1871 , the Lloyd's Act was passed by the British Parliament , laying the legal foundations for Lloyd's business. Since that time, “Lloyd” began to act as an insurance corporation. The next act of Lloyd in 1911 , defined and expanded the main objectives of the Lloyd Corporation.

In 1987-1993 Lloyd and the entire London market were going through hard times (big losses), which led to dramatic changes in the structure of the company and its capital .

Prior to this reorganization, Lloyd was essentially an association of individual insurers - individuals , the so-called “Names,” totaling more than 30,000 people who were combined into 430 syndicates . Each syndicate was led by an underwriter who took the risk , which was distributed among the members of the syndicate. A member of the syndicate could be a person who possessed certain property , which he was responsible for obligations. After the reorganization, corporate members became participants in the syndicates.

Modern Lloyd is not an insurance company in the usual sense of the word, but represents the insurance market in which members of the Lloyd Corporation meet.

Lloyd Corporation alone does not accept liability under insurance contracts , providing this to members of Lloyd's syndicates.

Management

Managed by Lloyd T.N. The Council of Lloyd's, which regulates and manages the insurance market within Lloyd, defines the rules and procedures for concluding insurance contracts. The Lloyd Council consists of 6 working, 6 external and 6 nominated members. Workers and outside members are chosen by Lloyd's members. Six nominee members of the Council, including the CEO, agree on the Board of the Bank of England .

Lloyd's work

Lloyd has two types of people and firms. The first are called members of the corporation ( members ). The latter are agents , brokers , and professionals helping corporation members enter into insurance and reinsurance contracts, representing Lloyd's clients .

If in earlier times only rich individuals (about 34,000) were members of Lloyd, then after the crisis in the early 1990s , companies became members of the corporation. Many individuals (names) went bankrupt and they were replaced by companies. Currently, individuals account for 10% of the total volume of Lloyd's contracts. And the number of individuals is constantly decreasing due to natural causes, as well as due to their association in partnerships.

Clients ( policyholders and reinsurers ) cannot conclude contracts directly with Lloyd’s syndicates, but only through certified Lloyd’s brokers . Brokers try to find the best conditions for clients among Lloyd's syndicates.

As of January 31, 2009 , Lloyd’s structure totaled: ^[2]

• Members of the corporation (Capital providers)
  • 1238 corporate members
  • 773 individual members with unlimited liability
• Market participants
  • 51 agents (managing agents)
  • 87 syndicates
  • 176 Lloyd's Brokers Certified Brokers

Lloyd insures a large and varied amount of objects and risks . Lloyd has extensive experience in insuring unusual, unique risks.

Examples of non-standard insurance contracts:

• Feet Betty Grable , Brooke Shields , and Tina Turner .
• Jimmy Durante Nose
• The fingers of The Rolling Stones guitarist Keith Richards .
• Voice of Celine Dion .
• America Ferrera $ 10 Million Dollar Smile.
• Bust Tempest Storm .
• The life of the American aviator Steve Fossett ( Steve Fossett ) for $ 50 million
• Parts of the body, life, health of other famous personalities

The modern Lloyd's building has an unusual architecture (architect Richard Rogers ) and was built in 1986. It stands on the site of the old Roman forum . In July 2013, the Lloyd building was bought by the second largest Chinese insurance company Ping An Insurance for £ 260 million from the German financial group Commerzbank ^[3] .

In the main hall inside the building is a bell from the "Lutina" , which was removed from the ship of the same name. This bell in the early days of Lloyd's activity was used to alert events. If the ship came to the port or received news of the salvation of the ship, the bell rang twice, if bad news came, then the bell rang once. Currently, the bell is used only on special occasions (special dates, ceremonies for receiving guests of honor, etc.). In all these cases, the bell rings twice. And only a few times recently, the bell rang once in connection with the tragic events in the world: September 11, 2001 , the Asian Tsunami , terrorist attack in London on July 7, 2005 .

• Lloyd (English insurance association) // Great Soviet Encyclopedia : [in 30 vol.] / Ch. ed. A.M. Prokhorov . - 3rd ed. - M .: Soviet Encyclopedia, 1969-1978.
• Skryagin L. N. "When the bell rings ..." // Secrets of maritime disasters . - M .: Transport , 1986. - 368 p. - 250,000 copies. (region)
• Cuthbert Heath : Maker of the Modern Lloyds of London by Antony Brown. Illustrated with black and white photographic plates which include the Twin Towers in New York, with a color frontispiece of 'The Room' at Lloyds (Originally supplied in cardboard box).
• Hazard Unlimited: The Story of Lloyds of London by Antony Brown.
• Raphael, Adam , Ultimate Risk: the inside story of the Lloyd's catastrophe (London, Four Walls Eight Windows, 1994, ISBN 978-1-56858-056-2 ).

• Insurance
• Reinsurance

• Official site
• Special report on Lloyd's in The Economist (September 18, 2004)
• Time magazine report on Lloyd's (February 21t., 2000)
• Independent analysis of lloyd's
• Association of Lloyd's Members
• USA Today Q&A with CEO Richard Ward, September 2008

Statistics

• Yahoo! - Lloyd's Company Profile
• Lloyd's of London's webcam
• Lloyd's bulletin board
• Lloyd's litigation database
• Commentary on Lloyd's