A colourful history (PPT)

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A colourful
history
1. Key dates and milestones
2. Lloyd’s at home
3. Lloyd’s and tradition
4. Lloyd’s and innovation
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A Colourful History
© Lloyd’s
Key dates and
milestones
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A Colourful History
© Lloyd’s
17th century
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Key dates in this period
1605 Gunpowder Plot
1666 Great Fire of London
Great Fire of London
1688 Glorious Revolution
'Glorious'
Revolution 1688
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A Colourful History
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Lloyd’s coffee house first appeared in
tower street sometime in the 1680s
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A Colourful History
© Lloyd’s
1688 ships and cargos underwritten
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A Colourful History
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18th century
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A Colourful History
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Key dates in this period
1712 First steam engine
1750s Beginning of the Industrial Revolution
1775-1783
War of
American Independence
'Glorious'
Revolution
1688
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A Colourful History
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1771 10Lloyd’s
becomes the property of the subscribers
A Colourful History
© Lloyd’s
19th century
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A Colourful History
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Key dates in this period
1805 Battle of Trafalgar
1837 Victoria crowned Queen of England
1876 Telephone invented
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A Colourful History
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1871 Act of Parliament
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A Colourful History
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1887 first non marine risk underwritten
Late 1880s first US risk underwritten
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A Colourful History
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Lloyd’s business 2006
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A Colourful History
Non Marine
Marine
In 2006 non marine
made up over 90% of the
business at Lloyd’s
US
Other
In the same year the US
made up nearly 40% of the
business at Lloyd’s
© Lloyd’s
20th century
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Key dates in this period
1917-1990 Rise and fall of Communism
1914-1918 1939-1945 The world at war
1969
Man on the
moon
'Glorious'
Revolution
1688
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1906 San Francisco earthquake
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1925 Central Fund created
1939 Lloyd’s American trust established
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A Colourful History
© Lloyd’s
Today
Security is of paramount importance to all policyholders and
today the Central Fund and Premium Trust Funds are still two
ways. Lloyd’s backs its ability to pay claims.
Central Fund 2006 = £629 million.
Trust Funds 2004 = £28 billion.
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A Colourful History
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A string of losses between
1988-92 threaten Lloyd’s future
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Piper Alpha
Asbestosis
Hurricane
Hugo
Exxon Valdez
Hurricane
Andrew
European
storms
A Colourful History
© Lloyd’s
1997
Lloyd’s returns to its roots,
underwriting the world’s
largest ever marine risk
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A Colourful History
© Lloyd’s
9/11
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A Colourful History
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Lloyd’s at home
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A Colourful History
© Lloyd’s
1688 Lloyd’s coffee house tower street
1774 The royal exchange Cornhill
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A Colourful History
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1928 12 Leadenhall street
1958 51 lime street
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A Colourful History
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1986 one lime street
A building with a strong ‘image’ of quality
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© Lloyd’s
Lloyd’s and
tradition
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A Colourful History
© Lloyd’s
ThE
Lutine bell
Traditionally rung to
herald important
announcements
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Nelson
at lloyd’s
From almost his first days
in the Royal Navy in 1771,
Nelson’s Fortunes were
associated with those of
Lloyd’s
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A Colourful History
© Lloyd’s
Lloyd’s waiters used to be sent down to the
dockside to bring news of the new ships
The waiters can still be seen at Lloyd’s today
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A Colourful History
© Lloyd’s
Lloyd’s and
innovation
Constant originality
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A Colourful History
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Cuthbert Heath – a real innovator
Cuthbert heath is credited
with a number of firsts at Lloyd's including:
workers
compensation
insurance
An all-risk policy
for jewellery
Contents
insurance
A loss-of-profits
element in
fire policies
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A Colourful History
Bankers
blanket bonds
underwrote the
first risk based on
American soil at
Lloyd’s
© Lloyd’s
Pioneering new risks
 Lloyd’s has always led the way, being the first to
underwrite motor, aviation and satellite insurance
1904
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A Colourful History
1911
1960s
© Lloyd’s
World’s first commercial space flight
 With Lloyd’s legendary appetite for risk,
SpaceShipOne the first private manned space
flight was able to get off the ground
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© Lloyd’s
Disclaimer
The information contained in this presentation is being provided on a confidential basis and should not be made available to the general public, the media
or any third party without the express prior written consent of Lloyd’s. This information is not intended for distribution to, or use by, any person or entity in
any jurisdiction or country where such distribution or use would be contrary to local law or regulation. It is the responsibility of any person communicating
the contents of this document or communication, or any part thereof, to ensure compliance with all applicable legal and regulatory requirements.
The content of this presentation does not represent a prospectus or invitation in connection with any solicitation of capital. Nor does it constitute an offer
to sell securities or insurance, a solicitation or an offer to buy securities or insurance, or a distribution of securities in the United States or to a U.S. person,
or in any other jurisdiction where it is contrary to local law. Such persons should inform themselves about and observe any applicable legal requirement.
Lloyd’s has provided the material contained in this presentation for general information purposes only. Lloyd’s accepts no responsibility and shall not be
liable for any loss which may arise from reliance upon the information provided.
This presentation includes forward-looking statements. These statements reflect Lloyd's current expectations and projections about future events and
financial performance, both with respect to Lloyd's in particular and the insurance, reinsurance and financial and services sectors in general. All forwardlooking statements address matters that involve risks, uncertainties and assumptions because they relate to events and depend on circumstances that will
occur in the future and which are beyond the control of Lloyd’s. Based on a number of factors, actual results could vary materially from those anticipated
by the forward-looking statements. These factors include, but are not limited to, the following:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
rates and terms and conditions of policies may vary from those anticipated;
actual claims paid and the timing of such payments may vary from estimated claims and estimated timing of payments, taking into account the
preliminary nature of such estimates;
claims and loss activity may be greater or more severe than anticipated, including as a result of natural or man-made catastrophic events;
competition on the basis of pricing, capacity, coverage terms or other factors may be greater than anticipated, or Lloyd's products could become
uncompetitive in light of changes in market conditions;
reinsurance placed with third parties may not be fully recoverable, or may not be paid on a timely basis, or such reinsurance from creditworthy
reinsurers may not be available or may not be available on commercially attractive terms;
developments in the financial and capital markets may adversely affect investments of capital and premiums, or the availability of equity capital or
debt;
changes in legal, regulatory, tax or accounting environments in relevant countries may adversely affect (i) Lloyd's ability to offer its products or
attract capital, (ii) claims experience, (iii) financial return, or (iv) competitiveness;
mergers, consolidations, divestitures and other transactions by third parties could adversely affect Lloyd's, including but not limited to changes in
the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; or
economic contraction or other changes in general economic conditions could adversely affect (i) the market for insurance generally or for certain
products offered by Lloyd's, or (ii) other factors relevant to Lloyd's performance.
The foregoing list of factors is not comprehensive, and should be read in conjunction with other cautionary statements that are included herein or
elsewhere. Lloyd’s cautions readers to consider carefully such factors. Any forward-looking statements speak only as of the date they are made. Lloyd's
undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
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© Lloyd’s
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