Lloyds Old and New
Lloyd's, also known as Lloyd's of London, is a British insurance and reinsurance market. It serves as a meeting place where multiple financial backers, underwriters, or members, whether individuals (traditionally known as Names) or corporations, come together to pool and spread risk. Unlike most of its competitors in the insurance and reinsurance industry, it is not a company. The Society of Lloyd's was incorporated by the Lloyd's Act 1871.
The market began in Edward Lloyd's coffeehouse around 1688 in Tower Street, London. His establishment was a popular place for sailors, merchants, and ship owners and Lloyd catered to them with reliable shipping news. The shipping industry community frequented the place to discuss insurance deals among themselves. Just after Christmas 1691, the coffee shop relocated to Lombard Street (a blue plaque commemorates this location). This arrangement carried on long after Lloyd's death in 1713 until 1774 when the participating members of the insurance arrangement formed a committee and moved to the Royal Exchange as The Society of Lloyd's.
The current building in Leadenhall Street within the City of London is a landscape of modern architecture incorporating the original façade.
Lloyds,Leadenhall Street, London