Face-to-face interactions and trust based on past experience are important factors for those working at Lloyd’s. This was my impression of the pros who work at Lloyd’s after visiting Lloyd’s earlier today.
An article from 2017, The golden cap effect: 5 reasons why Lloyd’s Brokers at the intermediate level are just right for growthseemed to indicate that the personal interaction between Lloyd’s broker and syndicate is extremely important:
Placing specialist risk is complex, requires extensive knowledge and depends on a number of reliable relationships between the different levels of brokers, their end customers and insurers. Because the role of Lloyd̵7;s brokers as ambassadors in managing these relationships is so important, their bond with wholesale and retail brokers is very strong. These introducers tend to stick to the individual Lloyd’s brokers they know and trust and choose them personally rather than as representatives of the company they work for, even where previously preferred panel vendors are not available to the broker after moving to another “store”. “. . ‘
Lloyd’s is not about a quick way to get rich, but a place where people work together throughout their careers. Reputation of being right and doing right for a long time is important. I think it is very different from the current climate in the United States where insurers, especially on the part of policyholders, are often taught and coached to “scale up” their companies for the primary purpose of achieving great wealth in a relatively short time.
In a place where people meet and do business regularly, it is not surprising that thoughts and ideas about work are transferred to social institutions. Pubs are located next to and around the Lloyd’s Building.
That picture above is really Steve Badger next to me at The Lamb Tavern at Leadenhall Market next to Lloyd’s. Here’s a little story about The Lamb Tavern:
The Lamb Tavern is from 1780 and has been officially recorded since 1806 – during their original coaching days, travelers took bed and breakfast and a break from their journey before booking sea passes with shipping companies on Leadenhall Street.
A pub run by Young since 1985, Lamb Tavern is today an oasis in the heart of the city.
The Lamb has also had many famous visitors in more modern times, including HRH The Prince of Wales and various stars from stage and film such as Sir Richard Attenborough, Robert Mitchum, Tom Sellick and Jack Warner.
John Wayne broke the bar in the movie Brannigan from 1975, Robert Mitchum’s Winds of War from 1983, Lara Croft walked through the market in Tomb Raider and Harry Potter was filmed walking through our doors!
Steve Badger and Chip Merlin are now adding to the history of that restaurant by drinking a pint of beer before our soon-to-be-infamous Badger vs Merlin debate at Lloyd’s.
Some readers may be wondering who is preventing the other from studying and making last-minute preparations for our debate tomorrow. Since Badger suggested he wanted a picture of us together, I think he hopes he gets an advantage for me. Time will tell.
Today’s thought of the afternoon
A pub can be a magical place.