Edward Lloyd

So modern commercial insurance began in 17th century London.

Merchants and ship owners would meet at Edward Lloyd's coffee house.

Lloyd's was a coffee house to underwrite marine voyages.

Basically all of these sailors were sitting in this coffee house.

Right.

But when the collective, everyone paid a little, they could all cover their buddies.

Yeah.

So this is how Lloyd's of London arose and became an insurance company.

Which Milanese bar owner was behind this breakthrough? Question four: in 17th century London, coffee houses were hubs of news and trade.

Which establishment run by Edward Lloyd evolved from a maritime meeting spot into the world's best-known insurance market? Question five: central to hospitality in its homeland, Ethiopia's traditional coffee ceremony roasts, grinds, and brews beans in a distinctive black clay pot with a round base and long neck.

What is this vessel called? We'll be right back with these answers after this break.

Welcome back.

Gaggia patented a spring lever design in 1938 and launched post-war machines that forced water through coffee at much higher pressure, yielding the emulsified oils we call crema.

Question four: which London coffee house became Lloyd's of London? Answer: Lloyd's Coffee House.

Ship owners and merchants met at Edward Lloyd's to share shipping intelligence and arrange coverage, a practice that grew into the modern Lloyd's insurance market.

Question five: what is the pot used in Ethiopia's coffee ceremony? Answer: a jebena.

The stimulus was being abused in other ways, too.

Lloyd's of London was born in Edward Lloyd's coffeehouse in 1688.

Mr. Lloyd provided not only coffee, but shipping information.

Soon, wealthy patrons began serving as underwriters, ensuring risky seaborne ventures, monetizing uncertainty itself.

Captain Thomas Bowery is one of the main people in their upcoming exhibition at the Bank of England, looking at the City of London, how the Great Fire of London changed it and how it was transformed.

reborn after that, along with Edward Lloyd and Dr. Nicholas Barden, who we have done episodes with in the past with the director of the Insurance Museum, Howard Bench.

So if you haven't listened to those, do go back in the back catalogue and have a listen.

I'm a huge fan of history.

Which is really weird for somebody trading in the way that he was.

Yeah, yeah.

Let's stay on this risk piece then because I imagine if he was risk averse, the marine insurance industry is built around London and around Edward Lloyd's coffee house.

So if we may, let's just touch on insurance because it is in the title of the podcast.