From the Titanic to the cyberrisque, passing by the small failures of the singers, the oldest insurance market of the world is the small trader of calculated risk.
Built in 1986 to commemorate the 300th anniversary of the founding of this major institution in the world economy, the building of Lloyd’s of London is a pure architectural marvel, certainly the most remarkable of the City among the modern ensembles, the cathedral Saint Paul and the Guildhall are evidently out of category.
Its well of escalators gives the impression of a vertiginous anthill, on fourteen floors. The frenzy is less than in the trading rooms since here, it is less to tempt the devil than to predict the worst. It is here that all major insurance contracts are negotiated. Lloyd’s had 99 insurer groups in 2016. It brings together most of the major insurance companies but also individual members. Lloyd’s is not, strictly speaking, an insurance company but a market. He does not subscribe himself, he leaves it to the members who use his seat, his prestige, his mark.
Created in 1686 in a coffee house close to the current location, Lloyd’s has seen everything, everything known, all covered. Initially, during the first two centuries of its existence, it assured the maritime expeditions, which then constituted the true nerve of the economic war, even of the war itself.
It has expanded its activities to cover all types of disasters, including the victims of the 1905 San Francisco bombing and the White Star Line after the Titanic sinking. From the early morning of April 15, 1912, when the news spread by telegrams, Lloyd’s insurers were on deck to face the headwinds.
Anachronisms in series
Since then, Lloyd’s has covered the major natural disasters, oil spills, September 11 and is gradually adapting to what is about to be the main danger for the modern economies: the cyberrisk.
Lloyd’s has preserved its historical character in some respects, for example by keeping the Lutine Bell, this huge bell located in the middle of the large market hall and used to announce a shipwreck or a boat Arrived safely (two shots). The facade of the 1925 building was also preserved despite the anachronistic character with the new ensemble, which was inspired by the Center Georges-Pompidou in Paris, built at the same time. A central registry of losses, the Loss Book, also continues to be symbolically updated with a feather of yesteryear.
But the real attraction of this building is the meeting room of the eleventh floor, moved piece by piece from the building destroyed in 1958, and which was realized more than 250 years ago.
A small museum, still in the middle of the Great Market Hall, also features antique pieces, including the knife fork that belonged to Admiral Nelson.
This permanent attachment to the past and a way of conveying a message of confidence. To reassure … The subliminal message being that Lloyd’s remained unsinkable in all storms including those of the two World Wars.
However, the boat is pitching a lot at times. As L’Echo reported a few years ago, 2011 was particularly delicate. Lloyd’s lost more than 600 million euros in a year after the Fukushima disaster, earthquakes in New Zealand and Turkey, floods in Thailand and Australia, and some 1,600 tornadoes in the states -United. According to a UN report, 2011 was the worst year on the environmental front. The previous year had already been marked by the oil spill in the Gulf of Mexico.
The Lloyd’s experienced many others in 331 years of existence. He even had to resell his seat and pay rent to the owner, who is an insurer. This is the Chinese Ping An, which claims 25 million pounds a year. “It’s a substantial sum,” Lloyd’s admitted.
Soon an antenna in Brussels
Lloyd’s business model remains fragile in nature. A voluntary redundancy plan was announced in the spring, partly due to the Group’s desire to automate some of its operations. Apart from the professionals seconded by the companies, Lloyd’s has 1100 employees in London.
Lloyd’s is also preparing for a move to Brussels to anticipate the UK’s exit from the European Union by 2019. The heart of the business will remain in the City of London, A company at the heart of the European Union will allow the continuity of operations with the companies present on the European continent. The details of this transfer of activities remain unclear and will depend in part on what will remain of the single market for the British at the end of the negotiations.
Tie mandatory, alcohol prohibited … but mind rainbow
In the British Parliament, wearing a tie has not been mandatory for a few weeks. A strong signal is sent. At Lloyds, however, where 90% of the 4,000 insurance professionals are men, the pace has not yet passed. “It is a sensitive subject,” explains a spokesperson for the group, “the dress code is part of a centuries-old tradition, and when a tradition is suspended, even temporarily, it is almost impossible to go back if We change our minds because we see that it was better before. ” The wearing of the tie is an uncharacteristic attribute in a time and a country where gender issues have evolved incredibly rapidly in recent months. Director-General Inga Beale, a bisexual woman, has repeatedly called on LGBT employees to be open-minded and open-minded about their sexual orientation in order to be more fulfilled at work.
On the other hand, the regulations were tightened in certain respects: Inga Beale pronounced the ban on alcohol for all employees in the group during working hours, including during lunch. For centuries, alcohol was part of the baggage of a good negotiator in the City …
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