History of Lloyd's
Lloyd’s is a unique insurance market, which provides specialist and bespoke insurance products on a global basis.
The remarkable history of Lloyd’s began in the 17th Century, when commerce within London increased because of its significance as a centre for trade. During the latter half of the 17th Century, demand for ship and cargo insurance was increasing, and the coffee houses of London – who originally attracted patrons with similar interests such as brokers, mariners and merchants – became the catalysts of many specialised areas of modern businesses.
One coffee house in particular soon became recognised as the only place in London where it was possible to arrange marine insurance; it was that of Edward Lloyd. By 1688, this small but niche market was soon known to some of London’s most affluent entrepreneurs.
Although the Lloyds Insurance Market has been around for 325 years now, it has evolved into the world’s most resilient insurance market of today. It has the capacity and experience to cover challenging areas such as; marine, specie, aviation, pharmaceutical and space technology; to some of the more unexpected items such as; Shergar, the winner of the 1981 Epsom Derby and the transatlantic trip of ten elephants, who had to travel contained within an aircraft for over 36 hours.
Today the Marine U35s Committee continue to promote the sharing of market expertise through their organisation of annual educational trips, free educational seminars and social networking to all young members within this unique market place.