Titanic – 3.17 – Lloyd’s of London 1928 Facade (RMS Titanic Insurance Company)


Lloyd’s of London
1928 Facade

The Official Story

(RMS Titanic Insurance Company)


Lloyd’s of London, generally known simply as Lloyd’s, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd’s is a corporate body governed by the Lloyd’s Act 1871 and subsequent Acts of Parliament. It operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or “members”, are a collection of both corporations and private individuals, the latter being traditionally known as “Names”.

The business underwritten at Lloyd’s is predominantly general insurance and reinsurance, although a small number of syndicates write term life insurance. The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in c. 1688. Today, it has a dedicated building on Lime Street which is Grade I listed. Traditionally business is transacted at each syndicate’s “box” in the underwriting “Room” within this building, with the policy document being known as a “slip”, but in more recent years it has become increasingly common for business to be conducted outside of the Lloyd’s building itself, including remotely.

The market’s motto is Fidentia, Latin for “confidence”, and it is closely associated with the Latin phrase uberrima fides, or “utmost good faith”, representing the relationship between underwriters and brokers.

Having survived multiple scandals and significant challenges through the second half of the 20th century, most notably the asbestosis affair, Lloyd’s today promotes its strong financial “chain of security” available to promptly pay all valid claims. This chain consists of £55.2 billion of syndicate-level assets, £31bn of members’ “funds at Lloyd’s” and £4.9bn in a third mutual link which includes the “Central Fund” and which is under the control of the Council of Lloyd’s.

In 2021 there were 75 syndicates managed by 50 “managing agencies” that collectively wrote £39.2bn of gross premiums on risks placed by 388 registered brokers. Around half of Lloyd’s premiums emanate from North America and around one-quarter from Europe. Direct insurance represented 63 per cent of the premiums, mostly covering property and casualty (liability), while the remaining 37 per cent was reinsurance.

History (Early 20th century)

In April 1912 Lloyd’s suffered perhaps its most famous loss: the sinking of the Titanic. It was insured for £1 million, which represented 20 per cent of the entire market’s capacity, making it the largest marine risk ever insured. The record of its sinking in the 1912 “Loss Book” is on display in the Lloyd’s building.

Aftermath of the Titanic sinking

In January 1912, the hulls and equipment of Titanic and Olympic had been insured through Lloyd’s of London and London Marine Insurance. The total coverage was £1,000,000 (£102,000,000 today) per ship. The policy was to be “free from all average” under £150,000, meaning that the insurers would only pay for damage in excess of that sum. The premium, negotiated by brokers Willis Faber & Company (now Willis Group), was 15 s (75 p) per £100, or £7,500 (£790,000 today) for the term of one year. Lloyd’s paid the White Star Line the full sum owed to them within 30 days.

Lloyd’s Building (1928 Facade)

The Lloyd’s building (sometimes known as the Inside-Out Building) is the home of the insurance institution Lloyd’s of London. It is located on the former site of East India House in Lime Street, in London’s main financial district, the City of London. The building is a leading example of radical Bowellism architecture in which the services for the building, such as ducts and elevators, are located on the exterior to maximise space in the interior.

In 2011, twenty-five years after its completion in 1986 the building received Grade I listing; at this time it was the youngest structure ever to obtain this status. It is said by Historic England to be “universally recognised as one of the key buildings of the modern epoch”. However, its innovation of having key service pipes, etc routed outside the walls has led to very expensive maintenance costs due to their exposure to the elements.


The first Lloyd’s building (address 12 Leadenhall Street) had been built on this site in 1928 to the design of Sir Edwin Cooper. In 1958, due to expansion of the market, a new building was constructed across the road at 51 Lime Street (now the site of the Willis Building). Lloyd’s now occupied the Heysham Building and the Cooper Building.

By the 1970s Lloyd’s had again outgrown these two buildings and proposed to extend the Cooper Building. In 1978, the corporation ran an architectural competition which attracted designs from practices such as Foster Associates, Arup and Ioeh Ming Pei. Lloyd’s commissioned Richard Rogers to redevelop the site, and the original 1928 building on the western corner of Lime and Leadenhall Streets was demolished to make way for the present one, which was officially opened by Queen Elizabeth II on 18 November 1986. The 1928 building’s entrance at 12 Leadenhall Street was preserved and forms a rather incongruous attachment to the 1986 structure. Demolition of the 1958 building commenced in 2004 to make way for the 26-storey Willis Building.

Source: Wikipedia

The Truth


A false flag is a covert operation designed to deceive; the deception creates the appearance of a particular party, group, or nation being responsible for some activity, disguising the actual source of responsibility.


(of a stimulus or mental process) below the threshold of sensation or consciousness; perceived by or affecting someone’s mind without their being aware of it.




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