What connects coffee shops
and pink bus stops?
Back in the early 17th Century, insurance was an evolving discipline. In Edward Lloyd’s premises first on Tower, then Lombard Street, in the City of London, merchants, shipowners and underwriters would get together over a coffee to discuss shipping, trade and perhaps the biggest risk of the day: piracy1.
Blackbeard, Captain Kidd, Charles Vane and their like were notorious for their fearsome appearance and ruthless tactics. Very much the rockstars of their time, their outrageous lifestyle continues to inspire some of the world’s greatest movies, literature and music.
While treasure ships on the outward leg of the Caribbean, Cape and Barbary Coast trade routes were all prime targets; returning vessels crammed with sugar, rum, spices, cotton, tobacco and precious metals were even more valuable.
In today’s money, spice cargoes were worth millions. Precious metal cargoes ten times that2.
With so much value at stake, often measured by pirates in Pieces of Eight, it wasn’t long before informal agreements sharing the hazards – and rewards – of these ventures began to take shape. Conversations in the coffee house laid the groundwork for more structured contracts which evolved into the marine insurance that we recognize today. Roll forward four centuries and Beazley is re-kindling some of the excitement of those innovative, pioneering, risk-sharing days.
As we explore the world in 80 risks, we’re celebrating the history, courage and wisdom of the risk community. Our pink bus is touring North America, offering coffee, tea and insights into the complex world of accelerating risk and specialty insurance.
And unlike the pirates, you’ll be welcome aboard. No Pieces of Eight required.