How Lloyd’s responds to changes in the business environment

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Economic prosperity in England during the second half of the 17th century created a significant group of wealthy people with a growing taste for luxury products from other continents. Sailing ships and their cargoes faced many risks, for example treacherous seas, bad weather, piracy, even mutiny. These hazards meant that a merchant’s fortune could literally disappear overnight. Business in those days was conducted very informally. A merchant with a ship to insure would ask a broker to take the risk from one wealthy merchant to…

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