It began, like many great projects do, with a bold, crazy idea: “What if we went to London?”
Despite the fact that it is the international epicenter for obtaining coverage for unique risks, Lloyd's of London remains something of a mystery for many American agents and brokers. There are several misconceptions about it, the primary one being the widely shared incorrect assumption that Lloyd's is an insurance company; it is not. It is an insurance market — the market, in fact — for specialized-risk writing. It is also the third-largest supplier of reinsurance in the U.S., an interesting factoid that most American insurance professionals previously could not casually drop over cocktails (but perhaps they can now).
At National Underwriter Property & Casualty, we saw this as an educational opportunity: Could we visit Lloyd's home at 1 Lime St., meet some of its underwriting talent, and sit down for an interview with its chairman? Could we shoot video and capture the images of the inner workings of the insurance market's signature building? Could we do our best to “demystify” Lloyd's for U.S. insurance professionals who might otherwise never get a look inside?
I'm happy and proud to say that we did. The journey begins here at propertycasualty360.com, where you'll find a lavish photo slideshow shot for us by British lensman Ben Pipe. Ben is the only person I've met who enjoys a proper pint as much as I do and was just as excited as I was about getting inside Lloyd's to capture some of its amazing visuals on film. Supplementing these amazing images are the most recent facts and statistics available about Lloyd's global reach that help shed light on some of its business in the U.S. and abroad.
You'll also find a trio of videos we shot in London: In the first, we chat with Lloyd's Chairman John Nelson about this summer's Brexit vote and the potential effect it could have on the London insurance market. As it does with all risks, Lloyd's had a contingency plan in place should the exit-referendum vote result in the choice for the United Kingdom to leave the European Union (which, to the shock of many in London, it did), and Nelson shared with me he's “completely confident” that Lloyd's will continue to have access to the EU insurance market even after the U.K. is no longer officially part of it.
The second video focuses on Lloyd's itself, providing an amazing juxtaposition of past and present and a look inside the market and how it works. Nelson explains what Lloyd's is for those not entirely familiar with its pivotal role in the P&C insurance industry, and why it remains vital after more than 300 years in existence. While we're at it, we provide a rare look at such historic artifacts as the Lutine Bell, recovered from the HMS Lutine (a frigate that served in the French Navy and the Royal Navy, which was sunk in 1799). We also provide a glimpse of Lloyds' fabled Loss Book, which lists losses (the most vintage of which are sunken ships, as the market's origins were in maritime insurance) that date back centuries.
Finally, we introduce Barbican Insurance Group's Ondine Bourrut Lacouture, business group leader, Casualty Treaty, HPL & GL; and Clive Butcher, team leader at Aon Benfield, to provide a fly-on-the-wall view of what happens as account terms are hashed out and coverage is approved one of the “boxes” at Lloyd's.
I'd like to thank everyone at Lloyd's for their hospitality and their help in bringing this project to fruition, including Chairman John Nelson; Hank Watkins, president at Lloyd's America Inc.; Patrick Palmer, head of marketing and communications for Barbican Insurance Group; and Alex Dziedzan.
As they say in London, Cheers! Enjoy.
Shawn Moynihan is editor-in-chief of National Underwriter Property & Casaulty.
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Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
