Lloyd's of London
Lloyd's of London is the insurance market that grew out of Edward Lloyd's coffee house on Tower Street, first mentioned in the London Gazette in February 1688, where merchants, shipowners, and underwriters met to share shipping news and insure voyages.
What happened and why it matters
Lloyd's turned marine insurance into an organized market, and its practices still sit behind much of the cargo and hull insurance that protects goods at sea. The coffee house drew ship owners and captains because it specialized in shipping news, and underwriters began writing policies there. It moved to Lombard Street in the early 1690s, and the underwriters moved to the Royal Exchange in 1774. Edward Lloyd himself was never an insurer, only the host. When an importer buys cargo insurance today, the risk is often placed in the Lloyd's market or with insurers that follow its practices.
Related events
Sources
- Coffee and commerce 1652-1811 lloyds.com
- Lloyd's britannica.com