Edward Lloyd's Coffee House, 17th century London Illustration by Thomas Rowlandson |
RETRO FILES—Those of us into international
commerce the name Lloyd’s of London conjures a world of insurance and high
finance, but few know the mega conglomerate of brokerages had its infancy in a
17th century London coffee house.
Opened by
Edward Lloyd in 1688, his coffee house soon established itself as the meeting
place of ship owners, cargo owners and insurance clerks together with captains
with salt in their hair as well as early business journalists. As a hub of
intelligence and news gathering, the house fostered important institutions like
Lloyd’s Register of Shipping and Lloyd’s List, to mention a few
It may seem
odd that such a huge financial/insurance institution should be named after a
coffee house, whose owner had no stake in the eventual businesses. One reason is because of
the international nature of shipping—London being one of the major world
hubs—the diverse collection of sea captains and shipping magnates gravitated to
the name Lloyd’s because they understood it was a reputable place where
maritime business was conducted. The
insurance brokers who put Lloyd’s in their name did better than most; Lloyd’s
of London being a prime centuries old example.
Edward Lloyd
opened his coffee shop on Tower Street in 1688 and by 1691, the shop moved to Lombard
Street, where merchants continued to discuss insurance matters until 1774, long
after Edward Lloyd’s death in 1713.
Facade of Edward Lloyd's 17th Century Coffee House on Lombard Street, London is now on display at the National Maritime Museum. |
ONE MORE CUPPA JOE.
If you wish
to get serious about reading the history of coffee houses in ancient London
click the following newspaper article by social historian Dr.
Matthew
Green. Is article “London Cafes: the
surprising history of London’s lost coffeehouses.” His article appeared in the London Daily Telegraph blog of March 20, 2012:
http://www.telegraph.co.uk/travel/destinations/europe/uk/london/9153317/London-cafes-the-surprising-history-of-Londons-lost-coffeehouses.html
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