London market introduction

INTRODUCTION TO THE
LONDON INSURANCE
MARKET
MAY 2016
Why London?
Lloyd’s History
 1688: first known reference to Edward Lloyd’s
coffee house in Tower Street
 1688: ships and
cargos underwritten
 1691 Move to larger premises 16 Lombard Street
 1713: Edward Lloyd dies
Lloyd’s History
 1774 Lloyds moves to the new Royal Exchange in
Cornhill.
 1838 A blaze broke out in the Lloyd’s room of the
building soon after 10pm. The weather was so
extremely cold that the fireman’s hands stuck to
their pumps and they failed to control the fire. The
building was once again destroyed by fire
Lloyd’s History
 1838 Lloyds moved to The South Sea House
in Threadneedle Street (infamous for the
South Sea bubble)
 The beginning of the London Stock Exchange
Lloyd’s History
 1844 Lloyds moves back into the New Royal Exchange in Cornhill.
Lloyd’s History
 1877 Cuthbert Heath, a prominent Lloyds
underwriter, writes Lloyds first reinsurance
contract for a fire insurance company.
 1885 Cuthbert Heath writes the first insurance in
the USA for damage caused by an Earthquake.
Lloyd’s History
 1904: first Lloyd’s motor policy issued
 1906: San Francisco earthquake claims met
by Lloyd’s. US reputation established
 1911: first Lloyd’s aviation policy issued
 1912 Lloyds writes insurance policies for
Titanic. When ship sinks on 14th April, all
claims paid in full within 30 days.
Lloyd’s History
 In 1928, the Society moved into the first
building it had ever owned, at 12 Leadenhall
Street.
 As business expanded, the market moved to
a second new building in Lime Street in 1958:
the first of the Lime Street buildings it would
occupy.
Lloyd’s History
 1960s: first satellite policy issued
 1970: women admitted as members
 1986: Lloyd’s moved into their current building
designed by Sir Richard Rogers
Traditions at Lloyds
 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 Lloyd’s
underwriters.
The Lutine Bell was recovered from the wreck and
re-hung from the rostrum of the Lloyd's Underwriting
Room where it still hangs today. It is traditionally
rung to herald important announcements.
 Nelson at Lloyd’s: Nelson was famous for his
service in The Royal Navy during the Napoleonic
Wars and died a hero at the Battle of Trafalgar in
1805. To show their gratitude for Nelson’s
achievements, the merchants at Lloyd’s Coffee
House raised funds to relieve the suffering of the
wounded and bereaved.
Traditions at Lloyds
Lloyd’s waiters: 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 outside the entrances to One Lime Street
The Adam Room: Originally designed by Robert Adam in 1763 as part of Bowood House, the Adam
Room was inspired by a visit to Rome, leading Adam to create a look of classical antiquity. The room
was purchased by Lloyd’s and now provides a striking contrast with the present Lloyd’s building
Leadenhall Market
​Leadenhall Market dates back to the
14th century and is situated in what was
the centre of Roman London. Originally a
meat, poultry and game market, it now
features a variety of vendors as well as
commercial shops, restaurants, cafes
and pubs
London Market - Who Is In It?
• Intermediaries
– Brokers – Lloyd’s (181) – 7 place 70%
• Insurers
– Insurance and Reinsurance Companies (120) (5 Aviation)
– Lloyd’s (84 syndicates) (14 Aviation)
– London is the only city where all of the worlds 20 largest insurers and reinsurers have offices
Lloyds Market
Europe
Aviation Insurance Market
London
Lloyd’s Syndicates
Companies
Ace
Allied World
Altitude
Amlin
Aspen
Antares
Argo
Brit
Berkley
AIG
Allianz
Generali
Global Aerospace
Liberty Mutual
Markel
Catlin
Chaucer
C.V. Starr
Faraday
Hardy
Mitsui
Travelers
XL
Talbot
Belgium
Aviabel
Spain
Mapfre
France
AXA
La Reunion
Sweden
Inter Hannover
Germany
Munich Re
HDI Gerling
Swiss Re
Switzerland
Torus
Partner Re
Sirius
Middle East
Abu Dhabi
ADNIC
Elseco
Oman
Egypt
Misr
North America
USA
USAIG
Houston Casualty
Berkley (Only Domestic)
Latin America & Caribbean
Bermuda
Axis
Asia
Australia
QBE (Asia
Pac
Region)
India
GICI
New India
South
Korea
Korean Re
Japan
Tokio M&F
Singapore
ACR
First Capital
Why Is London So Great?
• Established market with a history including Lloyd’s
• Capacity
• Appetite for major risks
• Infrastructure
• Proximity
• People – Expertise + Relationships
• Innovation & Diversity
• Language
• Alan May
Trip to Lloyds
GROUP LIST
 Shin-Yuan (Larvill) Wu
 Szu-Hao (William) Chen
 Chien-Lung (Mark) Sung
 Sylvia Lian
KANE
BOENKE
 Mahvish Ashraf
 Gokhan Isik
 Disa De Beau
Trip to Lloyds
GROUP LIST
 Nalina Lexttiranont
 Monluck Sethabutr
 Jeyakumar Palani Sami
 Siti Shorgayah Amed Zaidan
WILLIAM
LINFIELD
 Donata Misiuniene
 Sigurdur Gislason
 Sindri Steingrimsson
Trip to Lloyds
GROUP LIST
 Aysel Mammad-Zada
 Aina Nicolau
 Kaarlo Karvonen
 Mariana Piza Ruiz-Cabanas
GREG
WHIGHT
 Renee Balcazaar Cruz
 Ida Franstini
 Alex Liu
Trip to Lloyds
GROUP LIST
 Upali Wijeratne
 Marcus Davidson
 Jan Johannesen
 Paul Murray
ADAM
MCALISTER
 Haji Hussin Sulaiman
 Shanavas Kottaijil
 Kerem Maybek
Trip to Lloyds
GROUP LIST
 Dina Salman
 Tendai Mutambirwa
 Romie Khalid
 Egill Thorvardardson
SEAN
GORTON
 Ksenila Koltsova
 Ivan Malov
 Karen Imperio
Trip to Lloyds
GROUP LIST
 Lucas Durojaiye
 Michael Ogunsan
 Abubakar Inusa
 Omololu Balogun
IAN
PAUL
 Yang Zhuo
 Mi (Sally) Zheng
 Yoni Tsabari
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