Lloyd's of London known as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; these underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names". The business underwritten at Lloyd's is predominantly general insurance and reinsurance, although a small number of syndicates write term life assurance; the market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in c. 1686. Today, it has a dedicated building on Lime Street within which business is transacted at each syndicate's "box" in the underwriting "Room", with the insurance policy documentation being known traditionally as a "slip"; the market's motto is Fidentia, Latin for "confidence", it is associated with the Latin phrase uberrima fides, or "utmost good faith", representing the relationship between underwriters and brokers.
Having survived multiple scandals and significant challenges through the second half of the 20th century, most notably the asbestosis affair, Lloyd's today promotes its strong financial "chain of security" available to promptly pay all valid claims. At the end of 2018, this chain consisted of £53.5 billion of syndicate-level assets. In 2018 there were 84 syndicates managed by 55 managing agencies that collectively wrote £35.5bn of gross premiums on risks placed by 303 approved brokers. Around 50 per cent of premiums emanated from North America, 30 per cent from Europe and 20 per cent from the rest of the world. Direct insurance represented around 70 per cent of the premiums covering property and casualty, while the remaining 30 per cent was reinsurance; the market collectively reported a pre-tax loss of £1bn for 2018, resulting from above-average major claims and a weak investment environment. The market began in Lloyd's Coffee House, owned by Edward Lloyd, sometime in 1686 on Tower Street in the City of London.
This establishment was a popular place for sailors and ship-owners, Lloyd catered to them with reliable shipping news. The coffee house soon became recognised as an ideal place for obtaining marine insurance; the shop was frequented by mariners involved in the slave trade. Historian Eric Williams notes: "Lloyd's, like other insurance companies, insured slaves and slave ships, was vitally interested in legal decisions as to what constituted'natural death' and'perils of the sea'." Lloyd's obtained a monopoly on maritime insurance related to the slave trade and maintained it until the early 19th century. Just after Christmas 1691, the small club of marine insurance underwriters relocated to Lombard Street; this arrangement carried on until 1773, long after the death of Edward Lloyd in 1713, when the participating members of the insurance arrangement formed a committee and underwriter John Julius Angerstein acquired two rooms at the Royal Exchange in Cornhill for "The Society of Lloyd's". The Royal Exchange was destroyed by fire in 1838.
It was rebuilt by 1844. In 1871, the first Lloyd's Act was passed in Parliament which gave the business a sound legal footing. Around that time, it was unusual for a Lloyd's syndicate to have six backers. A marine underwriter named Frederick Marten is credited for first identifying this issue and creating the first "large syndicate" of 12 capacity providers. By the 1880s Marten's syndicate had outgrown many of the major insurance companies outside Lloyd's. A subsequent Lloyd's Act in 1911 set out the Society's objectives, which include the promotion of its members' interests and the collection and dissemination of information. On 18 April 1906, a major earthquake and resulting fires destroyed over 80 per cent of the city of San Francisco; this event was to have a profound influence on building practices, risk modelling and the insurance industry. Lloyd's losses from the earthquake and fires were substantial though the writing of insurance business overseas was viewed with some wariness at the time.
While some insurance companies were denying claims for fire damage under their earthquake policies or vice versa, one of Lloyd's leading underwriters, Cuthbert Heath, famously instructed his San Francisco agent to "pay all of our policy-holders in full, irrespective of the terms of their policies". The prompt and full payment of all claims helped to cement Lloyd's reputation for reliable claim payments and as an important trading partner for US brokers and policyholders, it was estimated that around 90 per cent of the damage to the city was caused by the resultant fires, as such since 1906 fire following earthquake has been a specified insured peril under most policies. Heath is credited for introducing the now used "excess of loss" reinsurance protection for insurers following the San Francisco disaster. Heath had become an underwriting member of Lloyd's in 1880, upon reaching the minimum age of 21, on J. S. Burrows' syndicate. Within a year he was underwriting for himself on a three-man syndicate, in 1883 he opened a brokerage business.
In 1885 he wrote the first fire reinsurance contract, reinsuring th
Mary D. Lowman was a schoolteacher and the mayor of Oskaloosa, Kansas, in the late 1880s, she was the first woman in Kansas to be elected mayor with a city council composed of women. Mary D. McGaha was born on a farm in Pennsylvania, she became a schoolteacher and in 1866 married a man named George W. Lowman, with whom she had two children, they moved to Kansas and settle in the small town of Oskaloosa, where she became a teacher of emancipated black students. In 1885, she became the city's deputy county deputy register of deeds. In 1888, the women of Oskaloosa, dissatisfied with poor city management, decided to run an entire slate of women for municipal office; the "Oskaloosa Improvement Ticket" won by a two-to-one margin, making Lowman the first woman in Kansas to serve as mayor with a city council composed of women. Newspapers across the country covered the unusual election of an all-women municipal administration. Lowman was elected only a year; when Lowman and her council took office, the city treasury was empty and the city in debt.
Lowman and her 5-member council were re-elected after their first year in office, with two members of the council being replaced by other women. After two years in office and her council left the city with a replenished treasury. Lowman died in 1912 of burns received when her clothing caught fire at a cookstove
The Korg Mono/Poly is a 44 key "mono-polyphonic" analog synthesizer manufactured by Korg from 1981 to 1984. This keyboard is the sister synthesizer to the Korg Polysix, it has four stable voltage-controlled oscillators, a 4-pole, self-oscillating low pass filter, several modulation capabilities and pseudo-polyphony. Features include four voltage-controlled oscillators with tuning, footage and amplitude; the first oscillator is the master oscillator as far. Two direct modifiers to the VCOs are a detune control that only affects oscillators 2 and 4, a Pulse Width control that goes to cancellation either side of 50% phase symmetry of a square wave. There is one independent noise generator with an amplitude control. There is one 24/db octave exponential low-pass VCF with resonance and invertible envelope control shared across all four VCOs. One voltage-controlled amplifier envelope with triggering and dampering controls is shared across all four VCOs. There are two low frequency modulators: MG1 controls VCO Pitch/Pulse-width,'EFFECTS' and VCF cutoff.
There is one arpeggiator with on/off/latch control, up/down/up-down pitch control, 1/2/full keyboard control. The arpeggiator can cycle through each oscillator in POLY mode, or all four at a time in MONO. There is an'EFFECTS' section which includes VCO frequency modulation with hard-sync control, a frequency modulator with which the frequency of the modulator can be altered by the VCF envelope or MG1. For both modulators there is the option of single modulation of all oscillators, or two carriers, two modulators. Controller Interfaces are external inputs/outputs for CV/Trigger, VCF and VCO mod inputs, arpeggiator and the pitch/MG1 mod wheels can be assigned to control VCO1 pitch, pitch or the filter. Bender goes to 2.5 octaves + full range for VCF cutoff. There are 5 different oscillator assignment modes:'Hold' drones the oscillators until force dampered or Chord Memory is activated. Poly is without explanation, oscillators always play in sequenced order from 1-4; the main drawback of the Mono/Poly is that the 4 VCOs share one common VCA and VCF envelope, like all the knobby monophonic synthesizers like MiniMoog, but there are triggering and auto-dampering switches to compensate for the envelope sharing.
This synth was not so much designed to be a polysynth like its sister the Polysix, but more of an experimental synth with different footages and waveshapes per oscillator. The Mono/Poly did not include a digital memory like its sister the Polysix, because its focus was again on experimentation. Other drawbacks are the chipboard construction on the base and sides of the unit, which tend to get damaged or allow screws to come out, the rubber contacts under the keyboard, which tend to wear over time resulting in dead keys; as far as circuit reliability, they tend to fare well by the standard of most analog synths. The most component to fail is one of the 4 VCOs; the VCOs and VCF are Solid State Micro Technology for Music chips:. The filter will self-oscillate, but can be scaled 1:1 with frequency so that the resonator can act as a 5th oscillator; the frequency modulator in the'EFFECTS' section can be used with the VCF envelope for pitch envelope control. A triangle wave can be used as a sub-oscillator to beef up the bass of the other oscillators: set a widespread chord in chord memory and use the arpeggiator, switch back and forth between poly/chord memory.
The Mono/Poly can be used as a rhythm machine, by setting the instrument in'Poly' and setting the different footages of the oscillators and the different waveshapes, using the ring modulator/frequency modulators with the Arpeggiator. Further, the pedal inputs can be routed from synths like the Korg MS-20 so that external oscillators can further modulate above what's available; because the VCOs have separate tuning controls they tend to be out of tuning phase no matter how well they're tuned. Like most analog synthesizers, it tends to scale better from high to low than low to high; the Mono/Poly is one of the vintage synthesizers reproduced by Korg for its software-based Legacy Collection. It can be used as a Virtual Studio Technology in common Digital audio workstations or as a stand-alone synth with any software compatible PC or Mac product. Vince Clarke/Depeche Mode "It's like playing 4 cheap synthesizers at once," said Vince Clarke