Reply to: Lloyds of London

[NigelJK]

Worked in the reinsurance market myself via an outfit called Eurobase. Biggest buyers were the Americans, who at that time were insuring every shuttle launch ...

[shaunbhoy]

The original Lloyds was indeed a coffee shop, but that was when your first name had to be Lord or Duke to afford a cup.

So not much has changed!!

[Mordac]

According to their official legend they started in a London caf... maybe they want to compete with Costa?

The original Lloyds was indeed a coffee shop, but that was when your first name had to be Lord or Duke to afford a cup. Hence a cargo of coffee would be worth the equivalent of millions today. There was more money in insuring the coffee (and whatever else) than selling it.

[squarepeg]

I doubt much, if any, of Lloyds business derives directly from the UK "being in the EU". They are the worlds largest specialist insurance & reinsurance market, and still the worlds largest shipping insurance market (by far). If you have an oil rig, or a cruise liner, or a fleet of aircraft to insure, you go to Lloyds. The idea that EU organisations will go "somewhere else" for such specialist insurance is fanciful and ridiculous - there isn't really anywhere else to go.
There my be some tax and regulatory advantages gained by having a small base inside the single market, but it will only ever be a subsidiary of the London operation. I only spent about a year there, and it was a while ago, but I doubt things have changed much, given that it didn't change much in the previous 3 centuries.
One thing has changed though, I heard they have banned drinking during working hours. That will cause a drop in business, especially for the pubs and wine-bars around Leadenhall Market. Those were the days...

According to their official legend they started in a London caf... maybe they want to compete with Costa?

[Mordac]

What Lloyds knows better than me is %-tage of other business that they get by virtue of UK being part of EU, I reckon that percentage is much higher than 11% direct from EU, which is why they are setting up there and this is why a lot more than 11% of their business will flow via Brussels soon. I don't think it would take long before they book most of their business there.

I doubt much, if any, of Lloyds business derives directly from the UK "being in the EU". They are the worlds largest specialist insurance & reinsurance market, and still the worlds largest shipping insurance market (by far). If you have an oil rig, or a cruise liner, or a fleet of aircraft to insure, you go to Lloyds. The idea that EU organisations will go "somewhere else" for such specialist insurance is fanciful and ridiculous - there isn't really anywhere else to go.
There my be some tax and regulatory advantages gained by having a small base inside the single market, but it will only ever be a subsidiary of the London operation. I only spent about a year there, and it was a while ago, but I doubt things have changed much, given that it didn't change much in the previous 3 centuries.
One thing has changed though, I heard they have banned drinking during working hours. That will cause a drop in business, especially for the pubs and wine-bars around Leadenhall Market. Those were the days...

[scooterscot]

How is it possible Lloyds can trade around the world whilst being based in the EU? What sorcery is this?

[Chuck]

Lloyds already have offices around the world to cater for local markets, including throughout Europe.

Why is this news? More scaremongering nonsense.

[shaunbhoy]

What Lloyds knows better than me is %-tage of other business that they get by virtue of UK being part of EU, I reckon that percentage is much higher than 11% direct from EU, which is why they are setting up there and this is why a lot more than 11% of their business will flow via Brussels soon. I don't think it would take long before they book most of their business there.

Yes, but you are incapable of organising the purchase of furniture, so why should anyone take you seriously?

[squarepeg]

What Lloyds knows better than me is %-tage of other business that they get by virtue of UK being part of EU, I reckon that percentage is much higher than 11% direct from EU, which is why they are setting up there and this is why a lot more than 11% of their business will flow via Brussels soon. I don't think it would take long before they book most of their business there.

Not necessarily. Being inside the EU doesn't work for a lot of companies for whatever reason, mainly regulatory. See Standard Chartered, for example. They are doing nicely not doing business in the EU. LoL are doing what all businesses with a significant portion of their income coming from the EU are doing, creating subsidiaries in the EU to handle the EU part of their business.

[AtW]

Well since you're now the World Authority On Absolutely Everything you'd better tell Lloyds that - they don't know about it yet.

What Lloyds knows better than me is %-tage of other business that they get by virtue of UK being part of EU, I reckon that percentage is much higher than 11% direct from EU, which is why they are setting up there and this is why a lot more than 11% of their business will flow via Brussels soon. I don't think it would take long before they book most of their business there.

[Mordac]

Yep, most of their business got to be international - all this will go to Brussels too.

Well since you're now the World Authority On Absolutely Everything you'd better tell Lloyds that - they don't know about it yet.

[Mordac]

Lloyds do 89% of their business in the UK?

I don't think so.

And you'd be correct, it means they do 89% of their business in the rest of the world excluding the EU.

(Assuming that 11% figure is accurate, anyway.)

Edit: The Manc got there first, but Scooty has a better chance of understanding something if he reads it twice.

[LondonManc]

Lloyds do 89% of their business in the UK?

I don't think so.

Breaking news:
Lloyds of London trade globally. 11% is European mainland. 89% is rest of the world, including the UK.

Yep, most of their business got to be international - all this will go to Brussels too

Clueless guessing, standard bremoan speculation.

[scooterscot]

Yep, most of their business got to be international - all this will go to Brussels too.

Are you saying it is possible to trade internationally outside the EU? Why did no one say this before?!

[AtW]

Lloyds do 89% of their business in the UK? I don't think so.

Yep, most of their business got to be international - all this will go to Brussels too.