The Lutine Bell
Even though Lloyd’s has evolved its global franchise over the centuries and expanded its scope far beyond shipping, it holds on to some traditions – including recording shipping losses by hand in the Loss Book using a quill pen and ink.
But an even bigger piece of Lloyd’s history is the Lutine Bell. Insured through Lloyd’s, the HMS Lutine, a Navy vessel laden with gold and silver, sank off the Dutch coast in 1799. Lloyd’s paid the claim in full within two weeks. Sixty years later, the bell was salvaged and hung in Lloyd’s underwriting room. For years, the bell was rung once to signal the loss of an overdue ship and twice to signal its return. Today the bell is rung to signal major events, including the Sept. 11 attacks.
How does Lloyd’s work?
Lloyd’s isn’t an insurance company; it’s a marketplace where insurance is bought and sold. Brokers and coverholders visit underwriters for face-to-face meetings involving rapid calculations and decision-making. The underwriters belong to member syndicates, such as Argo’s Syndicate’s 1200 and Syndicate 1910, which divide up a risk until the entire value is underwritten. This approach spreads out risk so that no single underwriter bears the brunt of a huge loss.
ArgoGlobal Syndicate 1200 and Ariel Re Syndicate 1910
About 100 syndicates operate at Lloyd’s, and Argo Group has two of them.
- ArgoGlobal Syndicate 1200 specializes in worldwide property, marine, energy, specialty and non-U.S. liability insurance.
- Ariel Re Syndicate 1910 underwrites a global portfolio of insurance and reinsurance.
Like Lloyd’s, Argo Group places a premium on excellent customer service and delivers on this commitment through its syndicates.
Face-to-face interactions between underwriters and brokers are crucial to the centuries of success Lloyd’s of London has enjoyed. Watch this video to see how Argo representatives cultivate long-term broker relationships with a personal touch at Lloyd’s.