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On the brink = how a crisis transformed Lloyd's of London /

Record Type:	Language materials, printed : Monograph/item
Title/Author:	On the brink/ Andrew Duguid.
Reminder of title:	how a crisis transformed Lloyd's of London /
Author:	Duguid, Andrew.
Published:	Basingstoke :Palgrave Macmillan : : 2014.,
Description:	400 p. :10 b&w, 12 figures, ill., 7. :
Notes:	Electronic book text.
Subject:	Insurance - History - 20th century - England -
Online resource:	Online journal 'available contents' page
ISBN:	1137299304 (electronic bk.) :

On the brink = how a crisis transformed Lloyd's of London /
Duguid, Andrew.

On the brinkhow a crisis transformed Lloyd's of London /[electronic resource] :Andrew Duguid. - 1st ed. - Basingstoke :Palgrave Macmillan :2014. - 400 p. :10 b&w, 12 figures, ill., 7.

Electronic book text.

1. Inside Out 2. Hidden Trains 3. Alarm Bells 4. Fresh Start 5. The Chasm 6. Last Chance 7. Struggling 8. Tightrope 9. Aftermath Reflections.

Document

Huge losses very nearly destroyed Lloyd's, a revered British institution, the world's largest insurance market. Ten thousand people faced big personal bills they thought profoundly unfair. They challenged a complacent institution, forcing it to confront its biggest ever crisis. This book tells what really happened, from the inside.This is the story of how huge losses very nearly destroyed a revered British institution, Lloyd's of London, the world's largest insurance market; how outraged members challenged a complacent institution; and how it changed to confront and overcome its biggest ever crisis. Ten thousand people faced huge personal bills they thought profoundly unfair. They were trapped; there was no escape. The market that insured disasters had become a disaster for its members. The story of Lloyd's is relevant now, raising many contemporary issues: levels of professional competence, trust, negligence, perverse incentives, and responsibilities owed by insiders to outside investors. High rewards contrast sharply with disastrous results. It raises the legitimacy of governing institutions, the right degree and form of self-regulation and the role of government. It illuminates the limits of tolerance, the power of anger, and its limitations. The search for justice shines a light on the workings of the English and US legal systems. Fairness is pitted against commercial expediency. Old attitudes clash with new circumstances. Leadership is critical in building trust and deciding when to compromise. Fresh thinking, new structures and new skills are all needed to find a way to balance the interests of past and future stakeholders. Persuasion has to overcome alternative analysis, misunderstanding, anger and inertia. Engagement of opposing parties proves critical. The issues illustrated by this story arise each day in Britain, the US and elsewhere. On the Brink is a true story of strong characters, changing fortunes, contrasting values, incompetence, real experts, self-help, creative compromise, innovation and change. It is the story of individuals, groups, leaders and the institution, locked in a battle for survival, each slow to see their common interest. To this day, the Lloyd's crisis raises strong emotions among those involved; many myths have grown up. This book tells what really happened, from the inside. A website, www.onthebrink.uk.com, accompanies this book with extra detail for those interested.

PDF.

Andrew Duguid holds a degree in economics from the London School of Economics and an MA in marketing from Lancaster University. He began his career at Brunel University, undertaking a research project into forms of export organization, publishing (with Professor Elliott Jaques) Case Studies in Export Organisation. He worked for an advertising agency, SH Benson, later Ogilvy & Mather, as a marketing executive for four years, before joining the UK civil service. He spent 14 years in the Department of Trade Industry (DTI), including two years as principal private secretary to two cabinet ministers and three years seconded to the No. 10 Policy Unit in the Prime Minister's Office, under Margaret Thatcher. In 1986 he left his DTI undersecretary position to join Lloyd's of London as a senior executive. He worked at Lloyd's for 14 years in several senior roles, including Director, Strategic Planning and Secretary to the Council. He was closely involved in many of the events described in this book. After that he spent four years as a senior executive at a London market insurer, Global Aerospace.

ISBN: 1137299304 (electronic bk.) :£25.00Subjects--Corporate Names:

970795
Lloyd's (Firm)
Subjects--Topical Terms:

1010270
Insurance
--History--England--20th century

LC Class. No.: HG8039 / .D85 2014

Dewey Class. No.: 368.0065

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516 $a Document
520 $a Huge losses very nearly destroyed Lloyd's, a revered British institution, the world's largest insurance market. Ten thousand people faced big personal bills they thought profoundly unfair. They challenged a complacent institution, forcing it to confront its biggest ever crisis. This book tells what really happened, from the inside. $b This is the story of how huge losses very nearly destroyed a revered British institution, Lloyd's of London, the world's largest insurance market; how outraged members challenged a complacent institution; and how it changed to confront and overcome its biggest ever crisis. Ten thousand people faced huge personal bills they thought profoundly unfair. They were trapped; there was no escape. The market that insured disasters had become a disaster for its members. The story of Lloyd's is relevant now, raising many contemporary issues: levels of professional competence, trust, negligence, perverse incentives, and responsibilities owed by insiders to outside investors. High rewards contrast sharply with disastrous results. It raises the legitimacy of governing institutions, the right degree and form of self-regulation and the role of government. It illuminates the limits of tolerance, the power of anger, and its limitations. The search for justice shines a light on the workings of the English and US legal systems. Fairness is pitted against commercial expediency. Old attitudes clash with new circumstances. Leadership is critical in building trust and deciding when to compromise. Fresh thinking, new structures and new skills are all needed to find a way to balance the interests of past and future stakeholders. Persuasion has to overcome alternative analysis, misunderstanding, anger and inertia. Engagement of opposing parties proves critical. The issues illustrated by this story arise each day in Britain, the US and elsewhere. On the Brink is a true story of strong characters, changing fortunes, contrasting values, incompetence, real experts, self-help, creative compromise, innovation and change. It is the story of individuals, groups, leaders and the institution, locked in a battle for survival, each slow to see their common interest. To this day, the Lloyd's crisis raises strong emotions among those involved; many myths have grown up. This book tells what really happened, from the inside. A website, www.onthebrink.uk.com, accompanies this book with extra detail for those interested.
520 1 $a Andrew Duguid has written a well-balanced, but at the same time racy and highly readable history of Lloyd's near-death experience and how the market was saved. Duguid is objective, but has used his inside experience well. On The Brink is a very valuable addition to the historical record of the City of London.' - Sir Howard Davies, Former Chairman, FSA 'This is a book of first-rate importance. It shows how a small number of remarkable men rescued the Lloyds insurance market from catastrophe- without recourse to a government bail-out.' - Peter Oborne, Chief Political Commentator, Daily Telegraph 'Andrew Duguid's gripping account of the crisis at Lloyd's is a story of complacency, greed, regulatory failure and overly complex financial instruments. Crises are frequent; most of them are wasted. On The Brink offers a compelling story, based on wide-ranging research, of how Lloyd's showed resilience in dealing with disaster. It is essential reading for anyone interested in the turbulent history of the City of London.' - Martin Daunton, Professor of Economic History, University of Cambridge 'Understanding what went wrong at Lloyds was an invaluable lesson for me in what would subsequently go wrong in the global financial system. Andrew Duguid's book makes that experience available to everyone.' - John Kay, Visiting Professor, London School of Economics 'This remarkable and brilliantly researched book chronicles how greed and shortsightedness brought Lloyds of London to the brink of collapse in the 1990s, but how in its darkest hour it found new leaders. This small group overcame what many at the time thought were impossible odds to put in place the programme of structural and cultural reform which laid the foundations for the modern day globally important market. But the real value of the work lies in what Lloyd's tells us about today's banking crisis and in particular how the banking industry has so far failed where Lloyd's triumphed in finding new leaders capable of delivering the change in culture which is essential if the industry is to regain public trust.' - Anthony Hilton, Financial Editor, Evening Standard.
538 $a PDF.
545 0 $a Andrew Duguid holds a degree in economics from the London School of Economics and an MA in marketing from Lancaster University. He began his career at Brunel University, undertaking a research project into forms of export organization, publishing (with Professor Elliott Jaques) Case Studies in Export Organisation. He worked for an advertising agency, SH Benson, later Ogilvy & Mather, as a marketing executive for four years, before joining the UK civil service. He spent 14 years in the Department of Trade Industry (DTI), including two years as principal private secretary to two cabinet ministers and three years seconded to the No. 10 Policy Unit in the Prime Minister's Office, under Margaret Thatcher. In 1986 he left his DTI undersecretary position to join Lloyd's of London as a senior executive. He worked at Lloyd's for 14 years in several senior roles, including Director, Strategic Planning and Secretary to the Council. He was closely involved in many of the events described in this book. After that he spent four years as a senior executive at a London market insurer, Global Aerospace.
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