Through the BABC, members have the opportunity to develop valuable business contacts within the British American community and to exchange ideas and information with a cross section of business, trade and governmental interests.
Annual insurance premiums in the United States exceed $1.2 trillion for life, health, and property and casualty insurance alone, representing approximately seven percent of gross domestic product. Nearly five million people in the U.S. earn their living in the insurance industry. From billboards to radio and television ads, we are reminded every day just how broad and pervasive today’s insurance market is. Yet, very few of us have ever pondered how the modern insurance market has evolved from its much more humble beginnings.
In 1688, Edward Lloyd’s coffee house was one of about 80 such coffee houses in London, each serving as a center for merchants and entrepreneurs, and each offering its own specialist interest. Lloyd’s served as the center of information on shipping. To obtain insurance for a ship or its cargo in the late seventeenth century, a ship owner would engage a broker to present the risk to wealthy merchants who would agree to insure a portion of the risk. The broker’s task was to ensure that policies were underwritten by individuals with sufficient wealth to cover potential losses. Lloyd’s soon became a gathering place for those seeking or offering marine insurance.
David O’Sullivan, Ambassador of the European Union to the United States of America, joined the British American Business Council in Wilmington, Delaware for a special briefing. Ambassador O’Sullivan spoke about current economic, political and social developments within the European Union as well as the Transatlantic Trade & Investment Partnership (TTIP) – the world’s largest free […]