3. Reinsuring the insurers became Lloyd’s specialty in the 19th century
Lloyd’s reputation went on a rollercoaster ride in the late 18th and early 19th century, due to the public perception of its being a gambling den full of rakes and sinners. By the time of the Napoleonic Wars it had restored its reputation as a sober house of business, and as the source of the most up-to-date and complete news involving all aspects of the shipping industry. It also began creating larger syndicates within its ranks, and reinsuring policies issued by other insurers, opening a larger market in the United States in the process. Its reputation for prompt payment helped it to grow globally, especially following the 1906 earthquake and fire in San Francisco.
It was further enhanced following the Titanic disaster in 1912, making it one of the very few organizations involved with that maritime catastrophe to emerge with its reputation intact. Lloyd’s further enhanced it’s reputation as a good corporate citizen during the First World War, with large donations from its syndicates to Red Cross Societies, the YMCA, purchasing ambulances for the French Army, and the support of the Lloyd’s Patriotic Fund, which provided aid and financial assistance to families of military personnel away from their homes or injured or killed in the war.