5 Of The World's Oldest Companies

Lloyd's
Lloyd's is the world's chief insurance market today, dwelling in London, England. However, its initial stages lie in the more humble surroundings of a 17th century coffee house. As London in those times was growing as a global trade center, which in turn led to an rising demand for ship and cargo, insurance, and in 1688 Edward Lloyd's Coffee House became the place to purchase marine insurance. Lloyd's has grown and expanded over the 300 years to become the world's leading market for specialist insurance in a wide range of areas.

Lloyd's most celebrated moment came as a result of the San Francisco earthquake of 1906. Following the earthquake, Lloyd's underwriter, Cuthbert Heath said: "Pay all of our policy holders in full irrespective of the terms of their policies." The San Francisco disaster cost Lloyd's more than $50 million, a shocking sum in those days, correspondent to more than $1 billion in today's terms. Lloyd's faced a huge bill. But they respected it, and Lloyd's good faith was soon rewarded.