Edward Lloyd: From a Small Coffee Shop Businessman to a World Renowned Maritime Insurance Provider

Edward Lloyd owned a coffee shop which became the namesake of an insurance and financial institution known worldwide – the Lloyd’s of London. Lloyd opened his coffee shop in 1688, which became the favorite meeting place for doing maritime business dealings. The popularity of the coffee shop led Lloyd to render other services like the Lloyd’s News, which became the ultimate source of business information at that time.

Lloyd opened his first coffee shop on Tower Street. However, when his shipping and insurance business grew larger, Lloyd has to move his business to Lombard Street in 1691. His business continued on Lombard Street until his death in 1713, and until his business evolved as a formal organization.

As Lloyd’s businesses grew in leaps and bounds, he would not be able to see Lloyd’s of London move from a coffee shop business to one entirely dedicated to maritime insurance. By 1900, Lloyd’s of London provides all types of insurance services, especially those that pertain to maritime interests.