July 07, 2023

Lloyd's of London or simply known as Lloyd's is the world’s leading insurance marketplace, where every day more than 50 leading insurance companies, over 380 registered Lloyd’s brokers and a global network of over 4 000 local coverholders operate in and bring business to the Lloyd’s market. Its history goes back to the late XVII century, when Edward Lloyd opened a coffee house on Tower street by the river Thames, where sailors, shipowners, merchants could drink coffee and relax as well as where insurers could find their potential clients. It soon became a popular meeting place of captains, marine merchants and insurers to exchange news, charter ships and sign insurance policies. Even after the death of Edward Lloyd, the popularity of the "insurance coffee house" continued to grow, so that its visitors in early XVIII century united into a syndicate called "Lloyd's Coffee House" to successfully compete with the two major insurance monopolists of that time.

"Lloyd's Coffee House" since 1734 started publishing daily shipping news under the name “Lloyd’s List”, being one of the world’s oldest continuously running journals. In 1871 control over the affairs of the syndicate by its committee was consolidated by an act of incorporation (Lloyd’s Act, 1871), which gave it the power to make its own bylaws, to acquire real and personal property, and to perform all acts in its corporate name.

More than three centuries later, the Lloyd’s Corporation continues to act as the market’s independent guardian, responsible for protecting, promoting and providing valued support services to every market participant. As of end Y2022, Lloyd’s reported 46,7 bln. pounds of gross written premiums, 48,4% of loss ratio and 39,6 bln. pounds of total capital and reserves, which approximately equals to total GDP amount of Tunisia for Y2022.