Men and Money - The Insurers
The tricky world of insurance is explored in this edition of the series where, as one expert puts it, 'the many pay for the few'. The backroom boys of the underwriting business discuss losses associated with the Great Train Robbery. They also relate how underworld contacts can sometimes lead to valuable recoveries, and examine the close relationship between the insurance industry and the stock market, where in 1963 the Prudential alone invested £93m.
Lloyds of London was founded by coffee house owner Edward Lloyd in the 17th century. Recognising that his customers were merchants, bankers and underwriters who often specialised in marine insurance, he supplied his clientele with shipping information that would come to be known as the 'Lloyd's List'. The word 'underwriter' derives from the practice of writing one's name under the total amount of money one was prepared to risk for a given premium. Contains language prevalent at the time.
