Over the years, coffeehouses have grown to be a prominent fixture in many communities and cities all over the world. Apparently, conversations over a cup of coffee are a seemingly sedate pastime enjoyed by a great number of people over the world. But what would you say if you were told that one of the world’s leading insurance provider stated form the humble beginning as a coffeehouse frequented by sailors, merchants and passengers way back in the 17th century. Quite impressive, right? What till you see the famous Lloyds of London building, which have easily become a tourist attraction in the city of London.
The world famous insurance provider has been in the business for over 300 years, making it a force to be reckoned with in the insurance industry. However, the Lloyds of London is not solely an insurance company it also offers its services to a great number of individual insurance firms such as arranging policies. The now famous building that have certainly gathered a lot of ‘oohs’ and ‘ahhs’ was designed by an architect named Richard Rogers who also claim the credit of being the architect of the Pompidou Centre in Paris and the Heathrow terminal. It is certainly a majestic masterpiece to behold, and was actually opened by no less than Her Majesty Queen Elizabeth II way back in 1986. Certainly a long way from the modest beginnings of the unassuming coffeehouse owned by, you guessed it – Lloyd himself.
However, it was not always an uphill climb for Lloyds of London. The company has suffered some major financial setbacks in 1980’s and 90’s, mainly because of the massive claims made by policyholders who suffered from natural calamities. Aside from that, the company’s history is also peppered with a string of lawsuits filed against them from clients who were not properly advised by insurance agents. They were able to get back on track by amending the outdated policies they have and began proffering limited-liability investments. The major policy changes made by Lloyds of London have proven to be quite timely since it effectively prevented what might have been a huge crumpling of one of the world’s insurance giants.
Today, Lloyds of London cater to a diverse clientele, from the rich and famous, to the ordinary individuals and businessmen who would want to safeguard their properties and all other things they deem necessary to insure. The company have certainly set to be an exemplary role model for small business who are aspiring to making it big in their respective industries.