Lloyds Colourful History

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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/lloydsbuildings
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