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A history of lloyds. 1688: Edward Lloyds coffee house is first mentioned in the London Gazette. It is frequented by ship owners and merchants seeking.

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Presentation on theme: "A history of lloyds. 1688: Edward Lloyds coffee house is first mentioned in the London Gazette. It is frequented by ship owners and merchants seeking."— Presentation transcript:

1 A history of lloyds

2 1688: Edward Lloyds coffee house is first mentioned in the London Gazette. It is frequented by ship owners and merchants seeking shipping news, which attracted those providing insurance for ships and cargo – the underwriters 17th century

3 1760: Underwriters at Lloyds form the independent society that becomes Lloyds Register of Shipping 1771: Seventy-nine underwriters subscribe £100 each towards a new building and making them Lloyds first subscribers. Nine of these subscribers are elected to a Committee 1774: Lloyds moves to the Royal Exchange in Cornhill 18th century

4 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 National Lifeboat Institute 1811: Lloyds adopts a Trust Deed which allows the Committee to legally manage the affairs of the subscribers 1838: The Royal Exchange and many early Lloyds records are destroyed in a fire 1871: Lloyds Act of Parliament makes it illegal for anyone who is not a recognised underwriting member of Lloyds to sign his name to a Lloyds policy. From 1873, to further cement this new status, Lloyds adds a seal to every policy 19th century

5 1877: Cuthbert Heath, a prominent Lloyds underwriter, writes Lloyds first reinsurance contract for a fire insurance company, which subsequently provides cover for profit losses as a consequence of fire 1885: Cuthbert Heath writes the first insurance in the USA for damage caused by an earthquake 19th century 19 th Century door plaque proving premises is fire insured

6 1906: San Francisco earthquake devastates the city and Cuthbert Heath promises to pay the policy holders in full irrespective of the terms of their policies 1908: Auditing of members accounts is introduced 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 Titanic and 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

7 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 Mary open Lloyds new building in Leadenhall Street 20th century 1939: Lloyds America Trust Fund is established 1958: Lloyds moves to Lime Street and the Queen Mother, along with Princess Margaret, open the premises

8 8 1982: The Lloyds Act of 1982 is put in place which introduces a new governing Council 1986: Her Majesty the Queen opens Lloyds new building in One Lime Street, designed by Richard Rogers 1994: Introduction of corporate capital 1997: Lloyds syndicates lead the cover for the Hibernia oil platform which is believed to be the largest single risk ever placed in the international energy insurance market. The 650,000 tonne structure operates off Newfoundland 20th century

9 9 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 ensure the marketplace is working to the highest standards 21st century

10 : 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

11 11 21st century 2011: The second costliest year for catastrophes on record for the insurance industry as a result of floods in Thailand and Australia, earthquakes in New Zealand and the tsunami in Japan. Lloyds will pay out approximately £13bn in claims

12 : Prime Minister David Cameron, Lloyds Chairman John Nelson and Lloyds CEO Richard Ward launch Vision 2025, a strategy to ensure Lloyds becomes the major global hub for specialist insurance and reinsurance 21st century

13 13 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 of the Lloyd's Underwriting Room where it still hangs today. It is traditionally rung to herald important announcements Traditions at lloyds Nelson at Lloyds: The Nelson Collection brings together an amazing assortment of valuable silverware, letters and other memorabilia associated with Horatio Nelson. Nelson was famous for his service in The Royal Navy during the Napoleonic Wars and died a hero at the Battle of Trafalgar in To show their gratitude 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 provide support for ex-servicemen and women

14 14 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 the entrances to One Lime Street The Adam Room: Originally designed by Robert Adam in 1763 as part of Bowood House, the Adam Room was inspired by a visit to Rome, leading Adam to create a look of classical antiquity. The room was purchased by Lloyds and now provides a striking contrast with the present Lloyds building Traditions at lloyds

15 15 There are more stories about the history of Lloyds on our website, click on the links to read more. History of Lloyds buildings Take a virtual tour of the 1986 building Cuthbert Heath San Francisco Earthquake Lloyds and the titanic Lutine Bell The Nelson collection Glossary of terms Interactive timeline Find out more


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