During the First World War, all classes of society were called on to play their part in the war effort. By June 1916, before the introduction of compulsory service, 2,485 men from Lloyd’s, including 162 members and 23 subscribers, had undertaken military service. Those who could not take part in actual warfare (mostly those who were past military age) relinquished their business duties in order to serve the country in other ways.
Lloyd’s contribution to the war was not only from its members and subscribers, but also the donation of vast sums of money to assist the war effort. A sum of over £100,000 was given to the Red Cross Societies and £46,000 was donated to assist the Young Men’s Christian Association, which provided canteens and huts.
In 1915, members contributed £115,000 to the Committee of Lloyd’s Patriotic Fund for the benefit of relatives of soldiers and sailors.
Ambulances, costing £38,500, were also given to the French at the time of the heroic defence of Verdun. This gift was later acknowledged by a personal visit to Lloyd’s from Lord Beresford (British Admiral and Member of Parliament) and the Marquis de Chasseloup-Laubat (French Officer of Engineers).
Despite many men from Lloyd’s committing themselves to the war effort, business continued at Lloyd’s throughout WW1 as this war saw the introduction of new weaponry and technology, such as submarines, which presented new challenges when assessing risks. While business continued at Lloyd’s there were heavy losses which would have seriously affected the market if not for accumulated reserves.
At 10.30am on Monday 11 November, 1918, the Chairman of Lloyd’s, Mr Charles I. de Rougement, announced that the Armistice had been signed at 5am, and that hostilities would cease at 11am. The news was joyfully received by the large collection of members and subscribers who had assembled in the Underwriting Room. At noon, all present joined in a rendition of the National Anthem, followed by cheers for His Majesty the King, Marshal Foch, Admiral Sir David Beatty, and Field-Marshal Sir Douglas Haig.
After the Armistice was signed, many men from Lloyd’s returned to work after long and arduous service in the Forces. The names of those valiant and brave men who never returned will never be forgotten and their names were recorded on the Lloyd’s War Memorial as a tribute to their bravery.
