"Lloyd's Coffee House: Brewing History and Maritime Exchange"

"Which Lloyd's is that?”: Exploring the many versions of 'Lloyd's'

The global recognition of the name 'Lloyd's' makes it a familiar term for those intrigued by maritime history. However, the widespread use of this name across various entities has led to potential confusion. The name became a valuable asset and was openly embraced by organizations worldwide. A significant number of these entities trace their roots back to Lloyd's Coffee House in the City of London. It's worth noting that Lloyds Bank (without an apostrophe), one of the prominent British clearing banks among the 'Big Four,' can be excluded from this discussion. Established in 1765 as Taylors & Lloyds, it originated as a private bank in Birmingham. 

Lloyd’s Coffee House 

The origins of the Lloyd's phenomenon can be traced back to Tower Street, a gathering place for seafarers. The initial mention appears in The London Gazette in February 1688, identifying it as 'Mr. Edw. Lloyd's Coffee House in Tower-street.' By 1691, this coffee house relocated to Lombard Street, situated in close proximity to the Post Office and the Royal Exchange commercial center. It became a hub for merchants, shipowners, individuals associated with shipping, and marine insurance practitioners. In addition to serving as a meeting place, it hosted regular auction sales.

The proprietor, Mr. Edward Lloyd, played a pivotal role by providing customers with valuable shipping intelligence. Following his death in 1713, the original coffee house experienced a decline, prompting a shift for many patrons to the New Lloyd's Coffee House in the nearby Pope's Head Alley by 1769. 

An artistic representation of the Lloyd's Coffee House in the 18th century

Lloyd’s of London 

Lloyd's of London originated as a consortium of underwriters who initially convened at Lloyd's Coffee House and later at the New Lloyd's Coffee House. As the latter location became overcrowded, an agreement was reached in December 1771 among 79 patrons, including merchants, bankers, shipowners, underwriters, and brokers, to pool resources and establish their own premises. This pivotal decision led to the formation of the insurers collectively known as the Society of Lloyd's of London.

It wasn't until 1774 that they secured more spacious accommodations in the Royal Exchange in Cornhill, where they exclusively conducted underwriting business. Despite the move, the name 'Lloyd's' was retained, solidifying its identity as a prominent institution in the insurance industry. 

A Derek Lucas painting of Lloyd's Coffee House

Until the late 19th century, Lloyd's primarily specialized in marine insurance, diverging from chartered corporations that emphasized fire and life insurance. Lloyd's gradually developed an intricate network of agents dedicated to collecting shipping intelligence. However, a significant setback occurred on January 10, 1838, when the Royal Exchange, housing Lloyd's rooms, was engulfed in a fire. Following the destruction, Lloyd's temporarily relocated and returned to the rebuilt Royal Exchange in 1844. For further details on their history.

Lloyd’s News 

Starting in 1692, Edward Lloyd began offering a weekly bulletin at his coffee house, providing lists of ships arriving at or departing from ports. These bulletins were not only available for purchase but were also read aloud by a waiter at the establishment. The information included in the bulletins was sourced from Lloyd's network of correspondents. An extant document from 1702, for instance, features the names of ships that had gone missing on voyages from England to India and China.

In addition to the maritime bulletins, Lloyd ventured into general news dissemination with the creation of Lloyd's News in 1696. However, this venture was short-lived, lasting only a few months.

Lloyd’s List 

In 1734, Thomas Jemson, the new proprietor of Lloyd's Coffee House, initiated the publication of Lloyd's List, a weekly newspaper dedicated to shipping intelligence, particularly focusing on the arrivals and departures of vessels at various ports. A financial arrangement was established, allowing correspondents to transmit information cost-free to the Post Office branch in Lombard Street, addressed simply to Lloyd's. By 1735, Lloyd's List transitioned to a twice-weekly publication.

In 1769, around the time of the opening of the New Lloyd's Coffee House in Pope's Head Alley, a competing publication called New Lloyd's List emerged, adopting a similar Post Office agreement. The term 'New' was eventually dropped when the original List ceased circulation. Over time, correspondents later referred to as agents, conveyed information from ports worldwide. Lloyd's List evolved into a daily publication (excluding Sundays) and, in 1884, merged with the Shipping and Mercantile Gazette. It stands as one of the world's oldest continuously published newspapers and may trace its roots back to Edward Lloyd's original bulletin from 1692. Since 2013, it has been exclusively available in digital format. 

Lloyd’s Patriotic Fund 

In 1803, Lloyd's of London formally instituted a fund with the purpose of providing financial assistance to seafarers injured in action while defending their country, supporting the families of those who lost their lives, and recognizing individuals who displayed exceptional valor in battle through presentations such as swords. The roots of this initiative can be traced back to 1782 when, following the sinking of the 100-gun warship Royal George at Spithead while preparing to relieve Gibraltar, funds were raised at Lloyd's Coffee House to aid widows and children affected by the tragedy. 

The model of the Lloyd's Coffee House being presented in 1964 by Mrs G A Campbell (the wife of Lloyd’s Register employee and Arts Guild member, J F Campbell)

Lloyd’s Register 

Established in 1760 at Lloyd's Coffee House in Lombard Street, Lloyd’s Register (LR) stands as the world's pioneering marine classification society. Initially named The Society for the Registry of Shipping, it emerged in response to the necessity for merchants and underwriters to assess the quality of ships and gauge the likelihood of safe voyages. Early practices involved surveyors stationed at various ports conducting regular vessel inspections to assign a rating, or 'class,' to ships. This information was continually updated in annual registers of shipping financed by subscribers. The expansion of surveyor appointments beyond Britain commenced in 1812.

Disputes surrounding the classification system led to the establishment of a rival entity in London in 1799, named the Society of Merchants, Shipowners, and Underwriters. It wasn't until 1834 that an agreement was reached, leading to the merger of the two bodies into the Lloyd’s Register of British and Foreign Shipping. They set up offices at White Lion Court in Cornhill, relocating to a new headquarters at 71 Fenchurch Street in 1901. In 1914, recognizing its substantial role in classifying much of the world’s shipping, the name was changed to Lloyd’s Register of Shipping.

Today, Lloyd’s Register is a global professional services company specializing in engineering and technology for the maritime industry. It is wholly owned by the Lloyd’s Register Foundation, a registered charity, both dedicated to collaborative efforts for a safer world. 

The architect Thomas Collcutt's drawing of the new Lloyd's Register building at 71 Fenchurch Street, 1901

Lloyd’s Register of Ships 

The inaugural Lloyd’s Register of Ships, also recognized as the Register Book, is believed to have emerged in 1760, initially comprising handwritten details of vessels. The earliest surviving printed copy is traced back to 1764. From its inception, the register provided essential information such as the ship’s name, former names, master, port, tons, guns, construction details including where and when the ship was built. Additionally, alphabetical letters, using the vowels, were utilized to denote the ship's condition or class.

Beginning in 1799, the register acquired the alternative names of the Underwriters’ Register or Green Book, named after the color of its cover. A competing register from 1799 to 1833 was titled the New Register Book of Shipping, alternatively referred to as the Shipowners’ Register or the Red Book. For an exploration of Lloyd’s Register of Ships online, further details can be investigated. 

Lloyd’s Register Foundation Heritage and Education Centre  

Lloyd’s Register (LR), established in 1760 at Lloyd’s Coffee House in Lombard Street, holds the distinction of being the world’s first marine classification society. Originally named The Society for the Registry of Shipping, its inception was driven by the imperative for merchants and underwriters to assess the quality of ships and ascertain the likelihood of secure voyages. Early practices involved surveyors stationed at various ports regularly inspecting vessels to assign a rating or ‘class.’

This vital information was continuously updated in annual registers of shipping funded by subscribers. The expansion of surveyor appointments beyond Britain commenced in 1812. Disputes over the classification system led to the establishment of a rival entity in London in 1799, known as the Society of Merchants, Shipowners, and Underwriters. It wasn't until 1834 that an agreement was finally reached, culminating in the merger of the two bodies into the Lloyd’s Register of British and Foreign Shipping.

Their headquarters initially situated at White Lion Court in Cornhill was later relocated to a new office at 71 Fenchurch Street in 1901. In 1914, acknowledging its substantial role in classifying much of the world’s shipping, the name was changed to Lloyd’s Register of Shipping. Presently, Lloyd’s Register is a global professional services company specializing in engineering and technology for the maritime industry. It operates under the ownership of the Lloyd’s Register Foundation, a registered charity, both working collaboratively toward a safer world.

A modern-day photograph of the exterior of 71 Fenchurch Street