Since then, Lloyd’s has been a pioneer, and has grown over the past 300 years to become the world’s leading market for specialist insurance. We’d like to tell you a little about its unique and colourful past, from those early days to the dramatic events that changed the face of Lloyd's forever.

  • 1688 First mention of Lloyd’s

    17th Century engraving by J Faber of person thought to be Edward Lloyd.In February 1688, Edward Lloyd’s Coffee House in Tower Street was referred to for the very first time in the London Gazette. The article declared a reward for five stolen watches and encouraged anyone with information to contact Lloyd at his shop in the City. They were believed to have been taken by a rather insalubrious gent with ‘black curled Hair, Pockholes in his face, wearing an Old Brown Riding Coat, and a black Bever Hat’.

     It was an early sign of insurance, or at least reward. Nevertheless, what Lloyd’s coffee house specialised in was information about shipping. At this time, there were more than 80 coffee houses within the City of London’s walls; each one was a centre for entrepreneurs and merchants, and each had a specialist interest to offer. A driven man, Lloyd made sure he provided intelligence second to none.

    1730s Lloyd’s begins to dominate shipping insurance
    Lloyd’s was by now established at 16 Lombard Street, in the very centre of the business world, and was emerging as the location for marine underwriting by individuals. The American Revolution of the 1770s, followed by the Napoleonic Wars in the early 1800s, would soon demonstrate just how vital marine insurance could be. It would bring large profits to those who could provide it – but it also brought huge losses. During this period, Lloyd‘s began to dominate shipping insurance on a global scale.

    1734 Lloyd’s List appears and is still going strong today

    The first edition of Lloyd's List, one of the world's oldest continuously running journals, was first published by Thomas Jemson. He used Lloyd’s name and not his own because by this time, the establishment had instant recognition in the shipping community and a dedicated audience who would pay for subscriptions. More than 300 years on, the paper still provides weekly shipping news to London and beyond.

    1739 Lloyd’s is the centre of maritime information
    The Battle of Porto Bello took place between a British naval force aiming to capture the settlement of Portobello in Panama and its Spanish defenders. It resulted in a popularly acclaimed British victory. Richard Baker, Lloyd’s master at the time, delivered the news to 10 Downing Street. Lloyd’s had come to be the centre of all maritime information.

    1750 Underwriting first appears
    The first concrete details of actual underwriting recorded. While there are still no records of how the market was organised at this time, a Quaker businessman’s journal states that in 1757 he went to Lloyd’s coffee house and ‘subscribed the book at two guineas a year’.

    1764 Weak and leaky vessels
    One of the most important trials in insurance law history occurred. It concerned the voyage of the French-built Mills Frigate – a vessel insured by Lloyd’s -  which embarked on a voyage in what was described as a ‘weak, leaky and distressed condition’. A lengthy court case concluded with the agreement that a ship must be ‘seaworthy’ before leaving shore, and that a policy could not even be paid ‘on a ship which suffered from a latent defect unknown to both parties to the contract’. The judgment was said to have ‘hit the city of London like a thunderbolt’ – but it eventually became part of the general English law of marine insurance.

    1768 Lloyd’s, the notorious gambling den

    Underwriters at Lloyd’s coffee house had enjoyed higher profits in the early 1760s, in part due to the Seven Years’ War, but as it came to an end, marine premiums returned to a lower level. This drove certain underwriters to more ‘speculative’ lines – putting their names to other kinds of risks, including highway robbery and death by gin drinking – and Lloyd’s coffee house soon became notorious as a gambling den. An extract from the London Chronicle of the time stated: ‘The amazing progress of illicit gambling at Lloyd’s coffee-house is a powerful and very melancholy proof of the degeneracy of the times.’

    1769 New Lloyd’s appears – a bastion of professionalism and order

    A breakaway group of professional underwriters, keen to disassociate themselves from Lloyd’s growing unfortunate reputation, established a new Lloyd’s coffee house at 5 Pope’s Head Alley, London. The so-called ‘Old Lloyd’s’ ceased to exist. In its wake came New Lloyd’s, whose professionalism and ordered existence entirely quashed the anarchy of the Lombard Street gamblers.

    Seated portrait of John Julius Angerstein, (1769 – 1830), by John Cooke. Angerstein’s exceptional ability in marine insurance led him to play a pivotal part in the development of Lloyd’s. This painting was presented to Lloyd’s by Sidney Boulton Esq in 1928.1773 The father of Lloyd’s

    John Julius Angerstein, a man of great moral standing, leadership and flair, began to gain a formidable reputation as a Lloyd’s insurer Policies written or endorsed by him came to be known as ‘Julians’ and would have no trouble finding backing; it seems he originated the Lloyd’s concept of a ‘lead’ underwriter settling a rate which others would then follow. By 1774, Angerstein had become so powerful that he was able to request a Royal Naval warship to be stationed at Ostend to provide early warning should the Belgian port fall into French hands.

    1775–1815
    As the American Revolution and Napoleonic Wars raged over four decades, Lloyd’s took its place as a key play in the global shipping insurance industry. During this time, Lloyd‘s developed close ties with the Royal Navy and established the Patriotic Fund, which still works with armed forces charities to help individuals and their families in urgent need of support.

    1794
    Lloyd’s intelligence of shipping movements had become better than the Navy’s, and in 1794, Lloyd’s reported the capture of a British vessel by a French privateer off Lowestoft (including the lost cargo) before the admiralty knew that anything had occurred. A mutually useful relationship between Lloyd’s and the Admiralty had been established: Lloyd’s provided information and the Admiralty, protection.

    HMS Lutine 1799 by Frank Mason, presented to Lloyd's by James Dixon 19061799  The loss of the splendid Lutine

    The economy in Hamburg was on the brink of collapse, and the HMS Lutine was ordered to deliver a vast sum of gold and silver, collected by City of London merchants, to the German port. It was Lloyd‘s underwriters who insured the Lutine’s highly valuable cargo.

    On 9 October, the Lutine encountered a ‘heavy gale’ and ran aground on the treacherous Dutch coast, by the island of Vlieland, or as it was then known, Fly. The crew was lost, Captain Lancelot Skynner went down with his ship, and it was left to the Commander of the Squadron, Nathaniel Portlock, to inform the Admiralty of his ‘extreme pain’ at the loss of this vessel, and the treasure in its hold.

    1810
    Outside of Lloyd’s, the underwriting of insurance in the UK was limited by statute to just two companies.  Because the monopoly did not apply to individuals writing insurance, Lloyd’s underwriters were free to carry on their underwriting and in the absence of significant competition were able to thrive.  A Parliamentary commission on marine insurance, however, considered whether to abolish the company monopolies which gave Lloyd’s such dominance of marine business.

    1811 The creation of Lloyd’s Agency
    By 1811, the complexity of the information used by the insurance industry had evolved significantly, but it was the creation of a network of Agents by Lloyd’s which profoundly accelerated both the reach and impact of that information.

    For the first time, a global network of individuals could act as the eyes and ears of the market, finding out the truth, detecting problems and suggesting solutions. The flow of information they sent back to Lloyd’s was a vital component of the consolidation and growth of both Lloyd’s reputation and the added values and expertise it could offer customers.

    1824
    Lloyd’s entered a difficult period. A Bill was finally passed ending the company monopolies and restrictions on insurance which had so favoured Lloyd’s, and so prompting Nathan Rothschild to found his rival insurance firm, the Alliance Assurance Company (now RSA Insurance Group). Subscribers at Lloyd’s began to fall away.

    1828
    George Richard Robinson, who had earlier been MP for Poole, was appointed Chairman, and helped Lloyd’s to recover its prestige over the next decade and a half. Stamp duty was reduced on policies, Lloyd’s List became a daily paper and the Agency system was extended

    1851
    Financial security began to be taken much more seriously at Lloyd’s. Members were forced to resign if they became bankrupt, and by the 1860s most new candidates were required to put up a deposit or guarantee to support their underwriting.

    The Lutine Bell1858
    The Lutine bell was salvaged and hung from the rostrum of Lloyd’s Underwriting Room. Eventually, the bell would be struck when news of an overdue ship arrived – once for its loss, and twice for its safe return.

    1859
    When describing the Underwriting Room at Lloyd’s, a journalist wrote: ‘Not a breeze can blow in any latitude, not a storm can burst, not a fog can rise, in any part of the world, without recording its history here.’  

    1865  Missing: a certain spark

    Charles Dickens’ last completed novel, Our Mutual Friend, was published. In it, he offered an insight into the somewhat relaxed working hours of underwriters at the time through his character, the pompous John Podsnap who, it’s hinted, made his fortune at Lloyd’s. Wrote Dickens: ‘He had thriven exceedingly in the Marine Insurance way’ adding: ‘The world got up at eight, shaved close at a quarter past, breakfasted at nine, went to the City at ten, came home at half past five and dined at seven.’
    Even worse, it had been bruited about that Lloyd’s was indeed losing its zestful pioneer spirit. The average age of underwriters was older than it had been.

    1870  Adventurous new life!

    But cometh the hour, cometh the men - and now, from within the ranks, a new energy began to appear. First, marine underwriter Frederick Marten invented the concept of large syndicates. Lloyd‘s had been losing ground to the new and wider company market due to its smaller capacity – most syndicates had only two or three members. Marten bucked the trend and began writing for a 12-man syndicate. The Underwriting Room (usually called ‘the Room’) was astounded by the size of the lines he could write, and foretold disaster. But Marten was vindicated. He’d stood up to the threat from the company market and brought the marine business back to Lloyd’s.

    1871 First Lloyd’s Act
    The first Lloyd's Act was passed in Parliament incorporating the Society of Lloyd’s as a statutory corporation for the first time and, making it illegal for anyone not a recognised Lloyd’s underwriting member to sign his name to a Lloyd’s policy.

    1874
    Henry Hozier became Secretary of Lloyd’s. He reforms overseas claims payment, allowing claims to be paid in foreign ports.

    News story about early days of non-marine

    1880s
    Cuthbert Heath, the prominent and visionary Lloyd's underwriter, wrote the first Lloyd’s reinsurance policy on American risks for a British company doing business in the US.

    1877 The talented visionary

    Cuthbert HeathNon-marine policies were introduced to Lloyd’s by Cuthbert Heath, one Lloyd’s most famous and illustrious members. Throughout this decade and for years to come, Heath would forge a brand new, highly adventurous path for Lloyd’s, and establish an astonishing presence for the Society in America and on a global scale.

    Find out more about the revolutionary Heath

    1899
    A Lloyd‘s broker toured the US and collected £1,000 pa commission. The reputation of British insurers was riding high. In 1872, a Boston fire saw Lloyd’s pay £1m in claims – ‘Honouring its debts,’ said one commentator, ‘with a promptness which drew nothing but admiration from the American public.’

    The reputation was further cemented after the appalling San Francisco earthquake of 1906. Cuthbert Heath, who had lead the charge to underwrite earthquake damage, faced an enormous bill. He insisted on paying not just for quake damage, but for what was destroyed by the fires that raged for three days, instructing his San Franciscan agent to ‘pay all of our policyholders in full, irrespective of the terms of their policies’.

    1890s
    Intrepid young brokers including Thomas Frost, Charles Gould and Henry Lyons targeted the US market, changing the face of broking from a mundane to a dynamic role. Lyons, the son of a waiter, crashed through class barriers and blazed a stupendous trail. He eventually became a Liberal politician and was finally created Lord Ennisdale, lending polo ponies to the Prince of Wales.

  • The Lutine Bell, weighing 106 pounds and measuring 18 inches in diameter, is synonymous with the name of Lloyd’s. Traditionally it has been rung to herald important announcements – one stroke for bad news and two for good. 

    The bell was carried on board the French frigate La Lutine (the sprite) which surrendered to the British at Toulon in 1793. Six years later as HMS Lutine and carrying a cargo of gold and silver bullion, she sank off the Dutch coast. The cargo, valued then at around £1 million, was insured by Lloyd’s underwriters who paid the claim in full.

    There were numerous salvage attempts and in 1859 the wreck yielded its most important treasure - the ship’s bell. It was hung in Lloyd’s Underwriting Room at the Royal Exchange and was rung when news of overdue ships arrived.

    Whenever a vessel became overdue, underwriters would ask a specialist broker to reinsure some of their liability based on the possibility of the ship becoming a total loss. When reliable information became available the ringing of the bell ensured that everyone with an interest in the risk became aware of the news simultaneously. The bell has hung in four successive Underwriting Rooms. In the Royal Exchange 1890s-1928, Leadenhall Street 1928-1958, Lime Street 1958-1986; and in the present Lloyd’s building since 1986.

    The bell is no longer rung as the result of a vessel becoming “overdue”. Today, the ringing of the Lutine bell is generally limited to ceremonial occasions, although in rare instances exceptions are made.

  • 1905 Risk based pricing

    By 1905, non marine insurance had become embedded in Lloyd‘s. But this period was also noteworthy as the birth of risk based pricing.

    Underwriters Cuthbert Heath and Christopher Head began to collect a wide range of data on Gulf of Mexico hurricanes, study it in detail, and identify the exact level of risk based on what they’d found. They did the same for earthquakes – Heath’s Earthquake Book can still be found in Lloyd‘s treasures. Heath was scrupulous, continuing to bring together a huge wealth of information on any risk he considered underwriting. 

    1902  The Burnard Failure, and the introduction of auditing

    A number of financial failures began highlight the lack of an audit process at Lloyd’s. Amongst them was the failure of one particular underwriter, Burnard, who went broke, with his Names forced to pick up a tab for £100,000 in debts. It created a public scandal. 

    Cuthbert Heath and underwriter Sidney Boulton called a special committee meeting, which resulted in the planned creation of an audit. Wrote The Times: ‘The new arrangements are strict, and it is even possible that before they come into effect, they may be made severer. One thing is certain – namely, that Lloyd’s underwriters are determined that isolated cases of weakness shall not again bring into question the fair name of the Room.’

    1903  An even more international Lloyd’s

    Amidst all this, Heath found time to give delegated authority to Alfred Schroder in Amsterdam to write insurance on his behalf – the first time such a thing had been done. By the 1930s, Heath had an international contracts department, delegating to agents in India, New Zealand, Belgium, Denmark and Norway. In 1930, Heath sent John Cope to Shanghai, Calcutta, Alexandria and Athens; in some cases, the first agent from London to visit these places. Eventually, Lloyd’s would be licensed to accept business from more than 200 countries and territories worldwide.

    1906-7 Catastrophes, and how to cope better than before…

    After the 1906 San Francisco earthquake, Cuthbert Heath came up with something of a new type of arrangement, called excess loss reinsurance.  Reinsurance protected an insurer in circumstance when large individual claims or large numbers of smaller claims as a result of a catastrophe or other unforeseen circumstance threatened to cause catastrophe for balance sheets, too. Reinsurance involved underwriters sharing out parts of their risk portfolios so that the onus could be more equally shared – far better for insurers, and for claimants. Excess of loss reinsurance provided a new way of apportioning risk between reinsurers and is now widely used in the market. 

    1908 Audits are introduced

    After lengthy discussion, auditing of members’ accounts was finally introduced. For the first time, underwriters had to submit their accounts to audit and be certified as solvent. Now policyholders could be entirely satisfied that Lloyd’s underwriters had the means to meet their claims.

    1911 The Lloyd's Act

    The Lloyd's Act set out in detail the Society's objectives, which includes the promotion of its members' interests and the collection and dissemination of information.

    Lloyd's war memorial arch1914  The Great War

    In 1916, even before compulsory service was introduced, 2,485 men from Lloyd’s had undertaken military service in the First World War. Those who remained at work had to adapt and pull together to ensure the market continued as efficiently as ever.

    Lloyd’s contribution to the war came not just from its workforce; donations were also made:

    • Over £100,000 was given to Red Cross Societies
    • £46,000 was donated to help the YMCA provide canteens and huts
    • £115,000 was contributed to the Committee of Lloyd’s Patriotic Fund to help relatives of soldiers and sailors
    • Ambulances costing £38,500 were given to the French during the heroic defence of Verdun.
    • After the Armistice, many men from Lloyd’s returned to work. But many did not. The Lloyd’s War Memorial pays tribute to their bravery.

    1923  Harrison’s Folly – and the creation of the Central Fund

    The Lloyd’s of today is financially sound – but in addition to this, policyholders have the added security of knowing that, should an underwriter or syndicate fail and be unable to pay its claims, there is a central fund to fall back on.

    The Central Fund is a fund of last resort. It comes into play if a member has insufficient assets to cover a claim on an individual basis; in this case, and at the discretion of the Council of Lloyd’s, assets in the Central Fund can be allocated to cover that member’s liabilities.

    The idea for the Central Fund came about after underwriter Stanley Harrison had pursued a complex motor/credit insurance line and run up debts of over £360,000. He confessed to the Chairman, Raymond Sturge, who called a meeting, telling underwriters that if Harrison’s debts weren't paid in full, the name of Lloyd’s ‘will never recover in our lifetime’. For the first time, the principle of mutuality appeared, the combined members agreeing unanimously to pay a share of the debts proportionate to their premium income. Shares ranged from £10,000 to eight pence. Sturge described it as an ‘heroic conclusion’. Harrison’s Folly had laid the foundations for what came to be known as the Central Fund, which was officially created four years later.

    1928 The Society moved into the first building it had ever owned, at 12 Leadenhall Street

    Find out more about our Buildings


    1939  World War Two
    Just as it had been a generation ago, Lloyd’s was deeply involved in the events of the war. 

    All corridors in the sub-basements were reinforced with heavy timbers and steel. A main shelter was created in the sub-basement of the Royal Mail House next door. 

    Before the war, the gates of Lloyd’s closed at night, the only sign of life being a few clerks and printers producing the shipping intelligence. But the Friends’ Ambulance Unit wondered if use might be made at night of large city buildings, and Lloyd’s lead the scheme. From October 1940 to May 1941, around 170 people from the East End and elsewhere had permanent shelter here from the bombing and appalling conditions surrounding their homes.

    Since it seemed likely that the City would be badly bombed, contingency plans were put in place. On Friday 1 September 1939, a staff of nearly 500 - mostly women - moved into offices at Pinewood Film Studios in Buckinghamshire. Business thus continued much as normal.

    1965  Further international expansion

    Lloyd‘s first admitted foreign members, although the far-sighted Cuthbert Heath had proposed American and French underwriters in the pre-war era.  

    Around now, the jet age began to change the way business was conducted, and the market rapidly became more international. Just one example: cover for the Delaware River Port Authority was brokered in the 1960s at Washington’s Dulles airport – the London broker arriving and leaving on the same Concorde plane. 

    There were eye-opening South American risks, too – such as the giant hydroelectric Salto Grande Dam on the Argentine-Uruguayan border, and the Itaipu dam on the border of Brazil and Paraguay. 

    1973  First female broker

    Liliana Archibald became the first female Lloyd’s broker. After her first day in the Room at Lloyd’s, she passed the building on her way home and observed, ‘The roof was still on.’ 

    For more, see our People section

    1977 A more controlled Lloyd's 

    Frederick Sasse ran up losses of £21m on Syndicate 762. The 110 members, facing bankruptcy, successfully argued that controls were not in place. In 1978, a general meeting of members agreed to a working party to examine self-regulation, chaired by Sir Henry Fisher. In 1982, a Bill aimed at tightening controls received Royal Assent. The first Council of Loyd’s was elected. 

     1985 An eye to the East

    Peter Miller became the first Lloyd’s chairman to visit China. Brokers accompanied him; early reinsurance included nuclear power stations.

     1986 The city’s soaring new towers…

    The New Lloyd’s building at One Lime Street, designed by Richard Rogers, was officially opened by Her Majesty The Queen. The heroic, grade I listed building, with its pipes, lifts and ‘pods’ presented on the outside, took Lloyd’s, and London, into a new and futuristic world – though inside there are still resolutely traditional elements. A head-turning building that shows what Lloyd’s was, as well as what it has become.

    1988 Lloyd’s Tercentenary Research Foundation

    Lloyd’s Tercentenary Research Foundation was established to mark the tercentenary of Lloyd’s in 1988. Since its foundation, LTRF has funded over £3m and more than 100 years of academic research in the fields of engineering, science, medicine, business and the environment through the provision of post-doctoral fellowships and business scholarships. Today, through its partnership with the Insurance Intellectual Capital Initiative and UK Research Councils, Lloyd's Tercentenary Research Foundation continues its work of funding top flight academic research by supporting programmes of research on insurance related issues.  In addition, through collaboration with the US-UK Fulbright Commission, LTRF provides scholarships for UK academics or professionals to undertake research in the US on a subject related to insurance.

    To launch LTRF, the Council of Lloyd’s provided £1m from the central funds of the Society and Lloyd’s Charities Trust donated a further £50,000.  Companies in the market also made contributions to the fund.  The income from investments is used to make charitable donations.

    Lloyd’s Tercentenary Research Foundation

    1980s and 1990s Scandal and fraud

    At this time, the Society entered the most turbulent and traumatic time in its history, facing up to a series of problems which would, in time, lead to the birth of the modern, robust and secure Lloyd’s we know today.

    Lloyd’s had long known that some types of cover if offered were very risky. Equally, Names knew that being an underwriter at Lloyd’s involved unlimited liability for the risks they underwrote - and that meant putting at risk everything they had. But suddenly, unexpectedly large legal awards made in US courts on asbestos, pollution and health hazard claims, some dating back 40 years or more, resulted in huge losses to Names.  Many Names suffered severe financial loss and unfortunately, some faced bankruptcy.

     The financial challenges faced by the market were compounded when, between 1987 and 1989, a series of gigantic oil, wind and fire claims, including the loss of the North Sea oil rig Piper Alpha, came into Lloyd’s. Costs were in their billions.

    1993 The game changer – and saviour

    David Rowland was appointed as first full-time remunerated Chairman of Lloyd’s, initiating sweeping reforms to save Lloyd’s after the catastrophes that had threatened its collapse. He spearheaded the establishment in 1996 of Equitas, a special vehicle into which all pre-1993 business would be transferred by reinsurance-to-close – at a cost of over $21bn. There were losses for many Names, but Lloyd’s had survived.

     For more about Rowland, see our People section

    1994 Corporate members introduced

    The first corporate members began underwriting – with capacity of £1,595 million.

    1997 Reconstruction and Renewal draws to a close

    Lloyd’s Reconstruction and Renewal (R&R) Settlement proposals were accepted by 95 per cent of Members bringing to a close the most difficult period in Lloyd’s history.

    1998 Financial Services authority introduced

    On 21 January, the government announced that Lloyd’s would no longer be self-regulating but would be subject to the oversight of the new Financial Services Authority, effective from midnight on 30 November 2001.

    2001 The Chairman's Strategy Group

    The Chairman’s Strategy Group (CSG) was set up to find further ways to transform Lloyd’s into a modern, dynamic marketplace that would attract capital providers and policyholders alike. The CSG set about tackling a number of root and branch challenges: heavy market losses, a stark disparity between the performance of syndicates and an opaque, outdated operating structure that made it difficult for investors to compare Lloyd’s performance with that of its peers.

    2002 Annual reporting introduced

     

    Extraordinary General Meeting on 12 September. The proposals included the establishment of a Franchise Board that would set and maintain underwriting and risk management standards across the Market, a move away from the three-year accounting system to the more conventional annual reporting, and an end to new members joining with unlimited liability.  

    2002 Lord Peter Levene becomes chairman

     

    Lord Peter Levene was elected Chairman in November. As the first outsider to serve in the role, his election was a statement of intent that the new, reborn Lloyd’s was an open, commercially driven marketplace looking to compare itself with the best-run businesses across industry.

    2003 Creation of Realistic Disaster Scenarios

    The establishment of the Franchise Board and the appointment of Rolf Tolle as Lloyd’s first Franchise Performance Director. Tolle set about developing a range of information tools to gauge Lloyd’s performance and identify trends across the wider insurance market. Minimum underwriting standards were laid down and a number of new risk management procedures introduced.

    One of these innovations was the creation of Realistic Disaster Scenarios (RDS), in which syndicates would be required to model their expected losses in the event of a range of major disasters, such as a Japanese earthquake, a US hurricane or an act of terrorism, to ensure they hadn’t taken on too much exposure to a single event.

    2007 Contract Certainty

     

    The implementation of ‘Contract Certainty’ in 2007 ended the Market’s ‘deal now, detail later’ culture, while the Insurers’ Market Repository effectively created an electronic filing cabinet from which premiums and claims could be processed. Further innovations were planned to make the market a cheaper and much easier place to do business in the coming years.

    2008 Lloyd's Act amended

    Historic amendments to the Lloyd’s Act modernised elements of the way the market would be governed and removed unnecessary restrictions on how Lloyd’s organised its affairs. These included doing away with the requirement that risks had to be placed via a Lloyd’s broker and ending rules preventing brokers from owning managing agents.

    Vision 20252012  Vision 2025 launched

    In May 2012, Prime Minister David Cameron visited Lloyd’s to help launch Vision 2025 – a brand new strategy for its further development, positioning Lloyd’s to take advantage of opportunities presented by the world’s developing economies.

    Central to Vision 2025 is the need for Lloyd’s to be larger than today, so that it can target profitable growth from both developing and developed economies. The aim is to ensure that Lloyd’s remains the global centre for specialist insurance and reinsurance.

    We’re planning to make that happen by:

    • Growing our premium income from developed markets in line with their economic growth, with greater growth in developing markets.
    • Encouraging a more diversified capital base, with far more contribution from high growth economies.
    • Supporting a truly international underwriting community.
    • Remaining a broker market, and making full use of the specialist international networks that our brokers have worked so hard to achieve.
    • Having a small number of powerful overseas hubs in key major overseas markets.

    Of course, much of the work of realising this vision will fall to the current market at Lloyd’s – the underwriters, brokers and managing agents who constitute what Lloyd’s already is. It’s their energy, commitment and appetite for growing Lloyd’s in new markets that will ultimately govern the success of the plan. But the Corporation will do everything it can to assist – whether that be through market development support, the improvement of back office processes, or through attracting ever more high-performing and diverse professionals to work in a marketplace that is, and always has been, unique. 

    For recent stories about Lloyd’s, go to our News and Insight section.