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Israel Kamakawiwoʻole
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Israel Kamakawiwoʻole
Kamakawiwoʻole in 1993
Background information
Birth name
Israel Kaʻanoʻi Kamakawiwoʻole
Born
(1959-05-20)May 20, 1959
Honolulu, Territory of Hawaii
Origin
Hawaii, United States
Died
June 26, 1997(1997-06-26) (aged 38)
Honolulu, Hawaii, U.S.
Genres
Hawaii
folk
world
reggae
Occupation(s)
Singer-songwriter
Instruments
Ukulele
vocals
Years active
1976–1997
Labels
Mountain Apple Company
Associated acts
Mākaha Sons
Israel Kaʻanoʻi Kamakawiwoʻole (Hawaiian pronunciation: [kəˌmɐkəˌvivoˈʔole], translation: "The Fearless Eyed Man") (May 20, 1959 – June 26, 1997), also called Braddah Iz or IZ, was a Native Hawaiian singer-songwriter, musician, and Hawaiian sovereignty activist.
His voice became famous outside Hawaii when his album Facing Future was released in 1993. His medley of "Somewhere Over the Rainbow/What a Wonderful World" was released on his albums Ka ʻAnoʻi and Facing Future. It was subsequently featured in several films, television programs, and television commercials.
Along with his ukulele playing and incorporation of other genres, such as jazz and reggae, Kamakawiwoʻole remains influential in Hawaiian music.[1]
Contents
1 Early life
2 Music career
3 Support of Hawaiian rights
4 Later life
5 Death
6 Legacy
6.1 "Over the Rainbow/What a Wonderful World"
7 Discography
7.1 Studio albums
7.2 Compilation albums
8 References
9 External links
Early life[edit]
Kamakawiwoʻole was born at Kuakini Medical Center in Honolulu to Henry "Hank" Kaleialoha Naniwa Kamakawiwoʻole, Jr. and Evangeline "Angie" Leinani Kamakawiwoʻole. The notable Hawaiian musician Moe Keale was his uncle and a major musical influence. He was raised in the community of Kaimuki, where his parents had met and married. He began playing music with his older brother Skippy and cousin Allen Thornton at the age of 11, being exposed to the music of Hawaiian entertainers of the time such as Peter Moon, Palani Vaughn and Don Ho, who frequented the establishment where Kamakawiwoʻole's parents worked. Hawaiian musician Del Beazley spoke of the first time he heard Israel perform, when, while playing for a graduation party, the whole room fell silent on hearing him sing.[2] Israel continued his path as his brother Skippy entered the Army in 1971 and cousin Allen parted ways in 1976 for the mainland.
In his early teens, he studied at Upward Bound (UB) of the University of Hawaii at Hilo and his family moved to Mākaha. There he met Louis Kauakahi, Sam Gray and Jerome Koko.[3] Together with his brother Skippy they formed the Makaha Sons of Niʻihau. A part of the Hawaiian Renaissance, the band's blend of contemporary and traditional styles gained in popularity as they toured Hawaii and the continental United States, releasing fifteen successful albums. Kamakawiwoʻole's aim was to make music that stayed true to the typical sound of traditional Hawaiian music. During that time period, the songs that many people associated with Hawaii, typically, were not traditional-sounding songs.
Music career[edit]
The Makaha Sons of Niʻihau recorded No Kristo in 1976 and released four more albums, including Kahea O Keale, Keala, Makaha Sons of Niʻihau and Mahalo Ke Akua. In 1982, Kamakawiwoʻole's brother, Skippy, died at age 28 of a heart attack[4] related to obesity. In that same year, Kamakawiwoʻole married his childhood sweetheart Marlene. Soon after, they had a daughter whom they named Ceslieanne "Wehi" (born in c. 1983).
The group became Hawaii's most popular contemporary traditional group with breakout albums 1984's Puana Hou Me Ke Aloha and its follow-up, 1986's Hoʻola. Kamakawiwoʻole's last recorded album with the group was 1991's Hoʻoluana. It remains the group's top-selling CD.
In 1990, Kamakawiwoʻole released his first solo album Ka ʻAnoʻi, which won awards for Contemporary Album of the Year and Male Vocalist of the Year from the Hawaiʻi Academy of Recording Arts (HARA). Facing Future was released in 1993 by The Mountain Apple Company. It featured a version of his most popular song, the medley "Somewhere Over the Rainbow/What a Wonderful World" (listed as "Over the Rainbow/What a Wonderful World"), along with "Hawaiʻi 78", "White Sandy Beach of Hawaiʻi", "Maui Hawaiian Sup'pa Man", and "Kaulana Kawaihae". The decision to include a cover of "Somewhere Over the Rainbow" was said to be a last-minute decision by his producer Jon de Mello and Kamakawiwoʻole.[5] Facing Future debuted at #25 on Billboard magazine's Top Pop Catalogue chart. On October 26, 2005, Facing Future became Hawaiʻi's first certified platinum album, selling more than a million CDs in the United States, according to figures furnished by the Recording Industry Association of America.[6] On July 21, 2006, BBC Radio 1 announced that "Somewhere Over the Rainbow/What a Wonderful World (True Dreams)" would be released as a single in America.
In 1994, Kamakawiwoʻole was voted favorite entertainer of the year by the Hawaiʻi Academy of Recording Arts (HARA).
E Ala E (1995) featured the political title song "ʻE Ala ʻE" and "Kaleohano", and N Dis Life (1996) featured "In This Life" and "Starting All Over Again".
In 1997, Kamakawiwoʻole was again honored by HARA at the Annual Nā Hōkū Hanohano awards for Male Vocalist of the Year, Favorite Entertainer of the Year, Album of the Year, and Island Contemporary Album of the Year. He watched the awards ceremony from a hospital room.
Alone in Iz World (2001) debuted at #1 on Billboard's World Chart and #135 on Billboard's Top 200, #13 on the Top Independent Albums Chart, and #15 on the Top Internet Album Sales charts.
Kamakawiwo'ole's Facing Future has become the best-selling Hawaiian album of all time.[2]
Support of Hawaiian rights[edit]
Kamakawiwoʻole was known for promoting Hawaiian rights and Hawaiian independence, both through his lyrics, which often stated the case for independence directly, and his life.[7] For example, the lyric in his song "Hawaiʻi '78": "The life of this land is the life of the people/and that to care for the land (malama ʻāina) is to care for the Hawaiian culture", is a statement that many consider to summarize his Hawaiian ideals.[8] The state motto of Hawaiʻi is a recurring line in the song and encompasses the meaning of Iz's message: "Ua Mau ke Ea o ka ʻĀina i ka Pono" (proclaimed by King Kamehameha III when Hawaiʻi regained sovereignty in 1843. It can be roughly translated as: "The life of the land is perpetuated in righteousness").[9]
Kamakawiwoʻole used the soprano ukulele, and his music as a whole, to promote awareness of his belief that a second-class status had been pushed onto the natives by the tourist industry.[10]
Later life[edit]
At some point in his later years, Israel Iz converted to Christianity. In 1996 he was baptized at the Word of Life Christian Center in Honolulu and spoke publicly about his beliefs at the Na Hoku Hanohano Awards. He also recorded the song "Ke Alo O Iesu" (translated as "The Presence of Jesus").[11]
Death[edit]
Throughout his life, Kamakawiwoʻole was profoundly obese[12] and at one point he weighed 757 pounds (343 kg; 54 st 1 lb) standing at 6 feet 2 inches (1.88 m) tall (body mass index = 97.2).[4] He endured several hospitalizations because of health problems.[4] Beset with respiratory, heart, and other medical problems, he died at the age of 38 in Queen's Medical Center at 12:18 a.m. on June 26, 1997.[4] At the time of his death he was survived by his wife, Marlene Kamakawiwoʻole, and their daughter, Ceslie-Ann "Wehi".[13]
The Hawaii state flag flew at half-staff on July 10, 1997, the day of Kamakawiwoʻole's funeral. His koa wood coffin lay in state at the state capitol building in Honolulu. He was the third person in Hawaiian history to be awarded this honor, and the only one who was not a government official. Approximately ten thousand people attended the funeral. Thousands of fans gathered as his ashes were scattered into the Pacific Ocean at Mākua Beach on July 12, 1997.[13] According to witnesses, many people on land commemorated him by honking their car and truck horns on all Hawaiian highways that day. Scenes from the funeral and scattering of Kamakawiwoʻole's ashes were featured in official music videos of "Over the Rainbow" released posthumously by Mountain Apple Company. As of August 2018[update], the two videos as featured on YouTube have collectively received over 610 million views.[14][15]
On September 20, 2003, hundreds paid tribute to Kamakawiwoʻole as a bronze bust (located at 21°27′00″N 158°11′27″W / 21.45008°N 158.19092°W / 21.45008; -158.19092) of the revered singer was unveiled at the Waianae Neighborhood Community Center on Oʻahu. The singer's widow, Marlene Kamakawiwoʻole, and sculptor Jan-Michelle Sawyer were present for the dedication ceremony.[16]
Legacy[edit]
On December 6, 2010, NPR named Kamakawiwoʻole, as "The Voice of Hawaii" in its 50 great voices series.[17]
On March 24, 2011, Kamakawiwoʻole was honored with the German national music award Echo. The music managers Wolfgang Boss and Jon de Mello accepted the trophy in his stead.[18]
A 2014 Pixar short film, Lava, features two volcanoes as the main characters. Israel Kamakawiwoʻole's cover of "Somewhere Over the Rainbow" and his style of music was James Ford Murphy's partial inspiration for the short film.[19]
"Over the Rainbow/What a Wonderful World"[edit]
Somewhere Over The Rainbow / What A Wonderful World
Snippet lasting 30 seconds
Problems playing this file? See media help.
Kamakawiwoʻole's recording of "Over the Rainbow/What a Wonderful World" gained notice in 1999 when an excerpt was used in the TV commercials for eToys.com (now part of Toys "R" Us). The full song was featured in the movies K-Pax, Meet Joe Black, Finding Forrester, Son of the Mask, 50 First Dates, Fred Claus and IMAX: Hubble 3D.[20] It was also featured in TV series ER, American Dad!, Scrubs, Cold Case, Glee, South Pacific, Lost, Storm Chasers, and in the UK original version of Life on Mars among others.[21]
"Over the Rainbow/What a Wonderful World" reached #12 on Billboard's Hot Digital Tracks chart the week of January 31, 2004 (for the survey week ending January 18, 2004). It passed the 2 million paid downloads mark in the USA by September 27, 2009, and then sold 3 million in the USA as of October 2, 2011.[22] And as of October 2014, the song has sold over 4.2 million digital copies.[23] In addition, the song holds the distinction of being the longest-leading number one hit on any of the Billboard song charts, having spent 185 weeks at number one on the publication's World Digital Songs chart.[23]
On July 8, 2007, Kamakawiwoʻole debuted at No. 44 on the Billboard Top 200 Album Chart with "Wonderful World," selling 17,000 units.[24]
In April 2007, "Over the Rainbow" entered the UK charts at #68, and eventually climbed to #46, spending 10 weeks in the Top 100 over a 2-year period.
In October 2010, following its use in a trailer for the TV channel VOX[25] and on a TV advertisement – for Axe deodorant (which is itself a revival of the advertisement originally aired in 2004)[26] – it hit #1 on the German singles chart, was the number one seller single of 2010[27] and was eventually certified 2× Platinum in 2011.[28]
On October 24, 2016 The Healer premiered at the Heartland Film Festival in Indianapolis, which featured "Over the Rainbow".
As of November 1, 2010, "Over the Rainbow" peaked at No. 6 on the OE3 Austria charts, which largely reflect airplay on Austria's government-operated Top 40 radio network.[29] It also peaked at No.1 in France and Switzerland in late December 2010.
Radio host George Noory uses "Over the Rainbow/What a Wonderful World" as bumper music on the overnight talk radio show Coast To Coast AM.
Discography[edit]
Studio albums[edit]
Ka ʻAnoʻi (1990)
Facing Future (1993)
E Ala E (1995)
N Dis Life (1996)
Compilation albums[edit]
Iz in Concert: The Man and His Music (1998)
Alone in IZ World (2001)
Wonderful World (2007)
Somewhere Over the Rainbow: The Best of Israel Kamakawiwo'ole (2011)
References[edit]
Jump up ^ Gordon, Mike; Beverly Creamer; Wayne Harada. "The Legacy: A Voice Of Hawai'i and Hawaiians". The Honolulu Advertiser. Archived from the original on May 22, 2008. Retrieved August 19, 2008.
^ Jump up to: a b Montagne, Renee (December 6, 2010). "Israel Kamakawiwo'ole: The Voice of Hawaii". Retrieved October 10, 2012.
Jump up ^ "Article by Jay Hartwell of the University of Hawaiʻi at Manoa". .hawaii.edu. May 26, 1991. Retrieved January 24, 2011.
^ Jump up to: a b c d Kekoa Enomoto, Catherine; Gregg K. Kakesako (June 26, 1997). "'IZ' Will Always Be". Honolulu Star-Bulletin.
Jump up ^ Guerin, Ada (June 6, 2006). "Chasing Rainbows". The Hollywood Reporter – International Edition. Los Angeles, CA, USA: Prometheus Global Media. 394 (32): M419. ISSN 0018-3660. Retrieved October 10, 2012. (subscription required)
Jump up ^ "Brudda Iz's Facing Future goes platinum, a first for Hawaii". Honolulu Star-Bulletin. October 6, 2005.
Jump up ^ Carroll, Rick. Iz: Voice of the People. Honolulu, Hawai'i: Bess, 2006. Print.
Jump up ^ Israel Kamakawiwo'ole. "Hawai'i '78." Facing Future. Mountain Apple Company, 1993. MP3.
Jump up ^ "Hawaii State Motto Ua Mau Ke Ea O Ka Aina I Ka Pono The life of the land is perpetuated in righteousness". Netstate.com. Retrieved March 19, 2013.
Jump up ^ Tranquada, Jim (2012). The Ukulele: a History. University of Hawaii Press. p. 166. ISBN 978-0-8248-3544-6.
Jump up ^ Mary, Adamski. "Isles bid aloha, not goodbye, to 'Brudda Iz'". Starbulletin.com. Retrieved 9 March 2018.
Jump up ^ Rick Carroll (2006). Iz: Voice of the People. Bess Press. pp. 130–131. ISBN 978-1-57306-257-2.
^ Jump up to: a b Adamski, Mary (July 10, 1997). "Isles Bid Aloha, not Goodbye, to 'Brudda Iz'". Honolulu Star-Bulletin.
Jump up ^ "OFFICIAL Somewhere over the Rainbow – Israel "IZ" Kamakawiwo'ole". Mountain Apple Company Inc. Retrieved December 28, 2011.
Jump up ^ "OFFICIAL – Somewhere Over the Rainbow 2011 – Israel "IZ" Kamakawiwo'ole". Mountain Apple Company Inc. Retrieved December 28, 2011.
Jump up ^ "Sculpture's Debut Honors 'Braddah IZ'". Honolulu Star-Bulletin. September 21, 2003.
Jump up ^ Kamakawiwo, Israel (December 6, 2010). "Israel Kamakawiwo'ole: The Voice Of Hawaii". NPR. Retrieved January 24, 2011.
Jump up ^ Starauflauf bei der Echo-Verleihung in Berlin Badische Zeitung, March 25, 2011
Jump up ^ "5 questions with Disney/Pixar's 'LAVA' director James Ford Murphy". KHON2. November 4, 2014. Retrieved September 28, 2016.
Jump up ^ "IMAX: Hubble 3D – Toronto Screen Shots". March 18, 2010. Retrieved May 2, 2011.
Jump up ^ Kim Grant; Glenda Bendure; Michael Clark; Ned Friary; Conner Gorry; Luci Yamamoto (2005). Lonely Planet Hawaii (7th ed.). Lonely Planet Publications. p. 97. ISBN 978-1-74059-871-2.
Jump up ^ Week Ending Oct. 2, 2011. Songs: Gone But Not Forgotten
^ Jump up to: a b Trust, Gary (October 21, 2014). "Ask Billboard: The Weird Connections Between Mary Lambert & Madonna". Billboard. Prometheus Global Media. Retrieved October 21, 2014.
Jump up ^ Artist Chart History – Israel Kamakawiwo'ole, Billboard
Jump up ^ Herr der Goldtruhen NZZ Folio vom 7. Oktober 2010.
Jump up ^ "Lynx – Getting Dressed Commercial Song Israel Kamakawiwo'ole – Somewhere Over the Rainbow". YouTube. November 24, 2010. Retrieved January 24, 2011.
Jump up ^ "Musik-Jahrescharts: 'Sanfter Riese' und der Graf setzen sich durch – media control" [Music charts of the year: 'Gentle giant' and der Graf]. media-control.de (in German). January 6, 2011. Archived from the original on January 7, 2011. Retrieved January 23, 2014.
Jump up ^ "Gold-/Platin-Datenbank (Israel Kamakawiwo'ole; 'Over the Rainbow')" (in German). Bundesverband Musikindustrie.
Jump up ^ "oe3.ORF.at / woche 42/2010". Charts.orf.at. Retrieved January 24, 2011.
Carroll, Rick (2006). IZ: Voice of the people. Honolulu, Hawaiʻi: Bess Press. ISBN 978-1-57306-257-2. OCLC 71325451.
Kois, Dan (2010). Facing Future. 33⅓. New York: Continuum International Publishing Group. ISBN 9780826429056. OCLC 676695887.
External links[edit]
Israel Kamakawiwoʻole on IMDb
Mountain Apple Company's site about Kamakawiwoʻole
show
v
t
e
Israel Kamakawiwoʻole
Studio albums
Ka 'Ano'i (1990)
Facing Future (1993)
E Ala E (1995)
N Dis Life (1996)
Compilation albums
Alone in IZ World (2001)
Wonderful World (2009)
Songs
"Over the Rainbow"
"What a Wonderful World"
"Kaleohano"
"Somewhere Over the Rainbow/What a Wonderful World"
Related
Mākaha Sons
show
v
t
e
Hawaiian Music Hall of Fame
Patrons
Kalākaua
Leleiohoku II
Likelike
Liliuokalani
1995
Alfred Apaka
Helen Desha Beamer
Henri Berger
Sol K. Bright Sr.
Keaulumoku
Joseph Kekuku
Charles E. King
Lena Machado
Mary Pukui
Victoria K. I`i Rodrigues
1996
Albert "Sonny" Cunha
Sol Hoʻopiʻi
Alvin Kaleolani Isaacs
Haunani Kahalewai
Mekia Kealakaʻi
1998
John Kameaaloha Almeida
Irmgard Farden Aluli
Robert Alexander Anderson
Bina Mossman
David Nape
Songs honored: Hawaii Aloha, Ua Like No A Like, Kaulana Na Pua, Makalapua and Na Ali`i
1999
The Royal Hawaiian Band
2000
Maddy Lam
Hawaiian Chanters: Keaulumoku, Ka`opulupulu, Kapoukahi, Kapihe and Hewahewa
2001
Haili Church Choir
Genoa Keawe
2002
Ray Kinney
Gabby Pahinui
Songs honored: Alika, Kalama'ula, Wehiwehi 'Oe
2003
Kamehameha Schools
2004
Kahauanu Lake
Kawaiahaʻo Church
2005
Alfred Alohikea
Kahauanu Lake Trio
Bill Ali'iloa Lincoln
Henry W. Waia`u
2006
Mahi Beamer
The Brothers Cazimero
Charles K.L. Davis
Linda Dela Cruz
Nina Keali`iwahamana
Emma Veary
2007
Bill Ka'iwa
Jesse Kalima
Eddie Kamae
Donald McDiarmid Sr.
Peter Moon
Marlene Sai
John Pi'ilani Watkins
2008
Joseph Ae'a
Elizabeth "Lizzie" Kahau Kauanui Alohikea
Anuhea Audrey Brown
Thomas Kihei Desha Brown
Alice Angeline Johnson
John Keola Lake
Albert Po'ai Nahale-a Sr.
Leo Nahenahe Singers
Palani Vaughan
James Kaʻupena Wong
2009
Hui Ohana
Thomas Sylvester Kalama
Dennis Kamakahi
Ma'iki Aiu Lake
Kui Lee
2010
Pat Namaka Bacon
Andy Cummings
Ernest Kaʻai
Richard Kauhi Quartet
Keali'i Reichel
2011
Joseph Ilalaole
Benny Kalama
Sam Li'a Kalainaina Jr.
Akoni Mika
Alice Namakelua
Olomana
James Pihanui Kuluwaimaka Palea
2012
Ka Leo Hawai‘i
George Kainapau
Makaha Sons of Ni'ihau
George Na'ope
Harry Owens
Song honored: Hawaii Ponoi
2013
Kamaka Hawaii, Inc. (ukulele maker)
Matthew H. Kane
Iolani Luahine
Napua Stevens
Don Ho
2014
Hawaii Calls
Sonny Chillingworth
Edith Kawelohea McKinzie
Puakea Nogelmeier
Beverly Noa
Lani Custino
2015
Lokalia Montgomery
Lei Collins
Halekulani Girls (Alice Fredlund, Sybil Bright Andrews, Linda Dela Cruz)
Jerry Byrd
Darrell Lupenui
Thaddius Wilson
O’Brian Eselu
2016
Johnny Noble
Jean “Kini” Sullivan
John Kaimikaua
Mamo Howell
Danny Kaleikini
2017
Richard “Babe” Bell
The Isaacs ‘Ohana
The Kanaka’ole ‘Ohana
Krash Kealoha
Jacqueline "Skylark" Rossetti
Kimo Kahoano
Karen Keawehawai’i
Melveen Leed
Israel Kamakawiwoʻole
Authority control
WorldCat Identities
BNF: cb14192068v (data)
GND: 142743577
ISNI: 0000 0001 2035 2394
LCCN: no97045908
MusicBrainz: e7ae37b1-624f-47b9-bf4f-53b52ef19528
VIAF: 159873037
Retrieved from "https://en.wikipedia.org/w/index.php?title=Israel_Kamakawiwoʻole&oldid=854642190"
Categories:
1959 births
1997 deaths
20th-century American singers
American male singers
American ukulele players
Converts to Christianity
Disease-related deaths in Hawaii
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Singers from Hawaii
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Shanghai Knights
From Wikipedia, the free encyclopedia
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Shanghai Knights
Theatrical release poster
Directed by
David Dobkin
Produced by
Roger Birnbaum
Gary Barber
Jonathan Glickman
Written by
Alfred Gough
Miles Millar
Based on
Characters
by Alfred Gough
Miles Millar
Starring
Jackie Chan
Owen Wilson
Donnie Yen
Aidan Gillen
Fann Wong
Tom Fisher
Kim Chan
Music by
Randy Edelman
Cinematography
Adrian Biddle
Edited by
Malcolm Campbell
Production
company
Touchstone Pictures
Spyglass Entertainment
Birnbaum / Barber Productions
Jackie Chan Films Limited
All Knight Productions
Distributed by
Buena Vista Pictures
Release date
February 7, 2003 (2003-02-07)
Running time
114 minutes[1]
Country
United States
Hong Kong
Language
English
Budget
$50 million
Box office
$88.3 million
Shanghai Knights is a 2003 American-Hong Kong martial arts action comedy film. It is the sequel to Shanghai Noon. Directed by David Dobkin and written by Alfred Gough and Miles Millar, it stars Jackie Chan and Owen Wilson.
Contents
1 Plot
2 Cast
2.1 Jackie Chan Stunt Team
3 Production
4 Reception
5 Sequel
6 References
7 External links
Plot[edit]
This section's plot summary may be too long or excessively detailed. Please help improve it by removing unnecessary details and making it more concise. (June 2017) (Learn how and when to remove this template message)
In 1887, Chon Lin (Fann Wong) tells her father (Kim Chan), the Keeper of the Imperial Seal of China in the Forbidden City, that her brother, Chon Wang (Jackie Chan), is doing well as a sheriff in Carson City, Nevada, but her father replies that her brother is dead to him. At that moment, Lord Nelson Rathbone (Aidan Gillen), leads a band of Boxers into the city, who attack the Keeper. Despite Lin's efforts, her father is killed and the seal is stolen. With his last breath, he gives Lin a box and tells her to give it to her brother.
Meanwhile, Chon Wang is doing well as sheriff, having captured an impressive array of fugitives. His deputy (Matt Hill) is relaxing with a book called "Roy O'Bannon Vs. The Mummy", a highly fictionalized account of the events of the first film that now portrays Wang's "Shanghai Kid" as a cowardly sidekick, which dismays Wang. Wang receives a parcel containing a puzzle box and a letter from Lin telling him that their father is dead and that she has tracked the murderer to London.
Chon Wang travels to New York City to find his old partner Roy O'Bannon (Owen Wilson). and uses his share of the first film's gold to buy a ticket to London. Chon finds that Roy has left his brief stint in law enforcement, broken off his romance with Falling Leaves, spent most of the gold investing in the Zeppelin, and is now a hotel waiter and part-time gigolo. (Later Roy reveals that he has lost all of the gold on publishing his novels). After they attempt prostitution to pay for a trip to the United Kingdom, the Mayor of New York arrives in search of his daughters who are Roy's latest clients. The pair escapes and ship themselves to London in a crate.
In London, Wang and O'Bannon have their duster and watch stolen, respectively, by a number of street thugs including a young boy named Charlie (Aaron Johnson). After an extensive battle to reclaim these items, they are arrested by the police. In Scotland Yard, Inspector Artie Doyle (Thomas Fisher) thanks the two for defeating the Fleet Street gang. He tells Wang that Lin is also in Scotland Yard, having attempted to kill Lord Rathbone. Meanwhile, Rathbone finds he is not alone in his carriage as Wu Chow (Donnie Yen) has sneaked his way on; Rathbone slips him the dagger that killed the Keeper of the Imperial Seal. Sometime later, Roy and Wang wander through London and see Buckingham Palace. They encounter Charlie, who lets them into the empty house of a nobleman and finds an invitation to a gala at the castle.
Roy and Wang arrive that night at the gala, wearing disguises: Roy masquerades as Major General "Sherlock Holmes" (a name he derives from the face of a clock), and Wang is the "Maharaja of Nevada". Wang and Roy follow Lord Rathbone to a private library, but Rathbone slips quickly through a secret passage before they can reach him. As Roy occupies himself with a copy of the Kama Sutra, Wang looks for the secret passage and discovers it in the fireplace. Wang enters the secret room, which contains treasures from throughout the British Empire and asks for Roy's help which Roy repeatedly ignores, as he thinks it is something minor, and continues to read his book. Rathbone's guards then attack Roy, but he is rescued by Lin, who has escaped from Scotland Yard. The three see Rathbone hand the Imperial Seal to Wu Chow, the illegitimate brother of the Emperor of China, which is then stolen by Charlie who leaves his hat. Rathbone spots the three, and after a brief battle, he sets the barn on fire and escapes, and then the three also manage to escape.
They find Artie drunk after being sacked at his home. Artie deduces that Charlie is in Madame Tussauds by inspecting Charlie's hat. They arrive just in time to save Charlie from the Boxers at the expense of losing the seal again and being captured outside by police. Taken away in a police buggy, they are rescued in turn by Charlie, who later reveals his full name to be Charlie Chaplin. After an interlude in a brothel where Wang tries to convince Lin that Roy is unsuitable, Roy has overheard this and is upset with Wang, but forgives him when Roy arranges a pillow fight with the ladies of the night. When Lin sees this she runs into the night followed by Roy and Wang. They are all captured by Rathbone, who tells them that he is going to kill the royal family and frame "Loony" Lin. They escape and manage to stop Wu Chow from killing the royal family. Just as Wu Chow is about to kill Wang, Lin blasts and kills him with a rocket. The three then follow Rathbone to the top of Big Ben. He throws Roy out of the tower, but he survives when he grabs a hand of the clock. Thinking Roy is dead, Wang fights with Rathbone, and the pair is both thrown outside. Roy saves Wang as Rathbone falls to his death.
Roy and Wang are knighted, as is Artie, whose full name is now revealed to be Sir Arthur Conan Doyle. Artie decides to become a writer of detective stories revolving around his deductive reasoning technique, and asks Roy if he can use the "Sherlock Holmes" name. Roy proposes that he and Wang go to Hollywood to get in on the ground floor with motion pictures. They roll off in a buggy, with Charlie (wearing a fake mustache) stowed away. Wang also manages to open the box his father sent him, finding a message inside reminding him of the importance of family.
Cast[edit]
Jackie Chan as Chon "John" Wang / "John Wayne" (doubled by Vladimir Chaloupka)
Owen Wilson as Roy O'Bannon / "Roy Rogers" (doubled by Jimmy N. Roberts)
Aaron Johnson as Charlie Chaplin
Aidan Gillen as Lord Nelson Rathbone
Fann Wong as Chon Lin
Donnie Yen as Wu Chow
Tom Fisher as Arthur "Artie" Doyle
Oliver Cotton as Jack the Ripper
Kim Chan as Chon Wang and Chon Lin's father
Gemma Jones as Queen Victoria
Tom Wu as Lead Boxer Liu
Kelly-Marie Kerr as Clara
Constantine Gregory as the Mayor of New York City
Ray Donn as Chinese villager (uncredited)
Barbara Nedeljáková as Debutante
Anna-Louise Plowman as Debutante
Georgina Chapman as Debutante
Daisy Beaumont as Cigarette girl
Alison King as Prostitute
Jackie Chan Stunt Team[edit]
Brad Allan as Street thug / Library thug (uncredited)
Paul Andreovski as Library thug with sword (double) / English policeman (uncredited)
Nicky Li
Ken Lo
Mars
Ng Kong
Park Hyun Jin
Lee In Seob
Han Kwan Hua
Production[edit]
This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (June 2017) (Learn how and when to remove this template message)
Director David Dobkin was personally chosen by Jackie Chan. Director David Dobkin had a difficult time choosing a suitable Asian actress who could do movement work, emote well and speak excellent English. He then saw clips of Fann Wong's videos "Wo lai ye" (2001) and "Qing she yu bai she" (2001) and requested to audition her in London, which she did attend. She subsequently got the role and her number of scenes was increased by thirty percent.
Aside from establishing shots of iconic landmarks, the scenes in London were largely filmed in Prague, Czech Republic.[2][3]
Reception[edit]
The film has received mixed to positive reviews from critics, and holds a fresh score of 66% at Rotten Tomatoes.[4] It holds a Metacritic score of 58 out of 100.[5]
Sequel[edit]
This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (July 2015) (Learn how and when to remove this template message)
A third film was meant to be produced under the title Shanghai Dawn. Plans for the film were posted on Jackie Chan's website, but after some news of casting and production plans, no film has been produced.[citation needed] While unconfirmed, it is speculated that the project has been halted indefinitely as there is no news nor a release date.[citation needed] In a February 7, 2003, interview, Owen Wilson said: "We're talking about it maybe starting in Hollywood and then going from there to Africa or the Pyramids ... I feel like we have the freedom to take them anywhere in time we want."[citation needed]
On May 14, 2015, MGM announced that they are moving forward with Shanghai Dawn. Jackie Chan, Lucy Liu and Owen Wilson are expected to reprise their roles as Chon Wang, Princess Pei-Pei and Roy O'Bannon respectively.[6] In September 2016, Jared Hess signed on as director for the film while both Millar and Gough will develop a screen story with Theodore Riley and Aaron Buchsbaum writing the script for the film.[7][8]
In November 2016, Gough said the third film will be set in China because Chan "wants to showcase China in the way that the first film showcased the old West." Gough added that Chan and Wilson also have a hand in the creative process, saying "With those films, the collaboration of Jackie and Owen comes out on screen as they get along very well. With that in mind, you want to get their input in the story phase, so that when we got to script, it's based into the DNA of the story."[9]
References[edit]
Jump up ^ "SHANGHAI KNIGHTS | British Board of Film Classification". Bbfc.co.uk. Retrieved 2017-06-10.
Jump up ^ "'Shanghai' wraps". Variety. June 26, 2002.
Jump up ^ "CZECH REPUBLIC: JACKIE CHAN FILMS "SHANGHAI KNIGHTS" ON LOCATION IN PRAGUE". ITN. May 16, 2002.
Jump up ^ "Shanghai Knights". Rotten Tomatoes. Retrieved 2014-07-19.
Jump up ^ "Critic Reviews for Shanghai Knights". Metacritic. Retrieved 2014-07-19.
Jump up ^ Perry, Spencer (2015-05-14). "MGM Moving Forward with Shanghai Dawn, Starring Jackie Chan and Owen Wilson". ComingSoon.net. Retrieved 2015-07-08.
Jump up ^ "Shanghai Dawn | News | Movies - Empire". gb: Empireonline.com. 2003-02-20. Retrieved 2017-06-10.
Jump up ^ Kit, Borys (September 6, 2016). "'Napoleon Dynamite' Director Jared Hess Tackling 'Shanghai Noon' Sequel (Exclusive)". The Hollywood Reporter.
Jump up ^ Swinson, Brock (November 23, 2016). "Into the Badlands: Blood-splattered Heroes and the One Degree of Jackie Chan". Creative Screenwriting.
External links[edit]
Wikiquote has quotations related to: Shanghai Knights
Shanghai Knights on IMDb
Shanghai Knights at AllMovie
Shanghai Knights at Box Office Mojo
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Films directed by David Dobkin
Clay Pigeons (1998)
Shanghai Knights (2003)
Wedding Crashers (2005)
Fred Claus (2007)
The Change-Up (2011)
The Judge (2014)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Shanghai_Knights&oldid=861455569"
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Lloyd's of London
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Not to be confused with Lloyds Banking Group, Lloyd's Register, or Lloyd's List.
This article is about the insurance market. For the film, see Lloyd's of London (film).
"Lloyd's" redirects here. For other uses, see Lloyd.
Lloyd's of London
The 1986 Lloyd's building in Lime Street is the current headquarters of Lloyd's
Type
Insurance and reinsurance market
Founded
1686; 331 years ago (1686)
Founder
Edward Lloyd
Headquarters
London, EC3, United Kingdom
Key people
John Nelson (Chairman)
Inga Beale (CEO)
Website
lloyds.com
Lloyd's of London, generally known simply as Lloyd's, is an insurance market located in the City of London, which exists inside London. Unlike most of its competitors in the industry, it is not an insurance company. Rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament and operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. 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 1686. Today, it has a dedicated building on Lime Street, which opened in 1986. Its motto is Fidentia, Latin for "confidence", and it is closely associated with the Latin phrase uberrima fides, or "utmost good faith".[1]
In 2016 there were 99 syndicates (compared to 84 in 2015), managed by 57 managing agencies, that collectively wrote £29.862 billion of gross premiums (up from £26.69bn in 2015) on business placed by 258 Lloyd's approved brokers (242 in 2015). Direct insurance represented 69 per cent of the policies written, mainly covering property and liability ("casualty"), while the remaining 31 per cent was reinsurance. The market reported a pre-tax profit of £2.107bn and a combined ratio result of 97.7 per cent for 2016 (up from 90 per cent in 2015).[2]
Contents
[hide]
1 History
1.1 Formation and first Lloyd's Act
1.2 San Francisco earthquake
1.3 Changes in the UK financial markets
1.4 Second Lloyd's Act
1.5 Claims and bankruptcies in the eighties and nineties
1.6 "Recruit to dilute"
1.6.1 Reinsurance to close
1.6.2 Dilution of liabilities and the consequences
2 Reports
3 Structure
3.1 Council of Lloyd's
3.2 Businesses at Lloyd's
3.2.1 Members
3.2.2 Managing agents
3.2.3 Members' agents
3.2.4 Lloyd's coverholder
3.2.5 Lloyd's brokers
3.2.6 Integrated Lloyd's vehicles
3.3 Financial security
4 Financial performance
5 Timeline of significant events at Lloyd's
6 Types of policies
7 Miscellaneous
8 See also
9 Footnotes
10 Further reading
11 External links
11.1 Data
History[edit]
Formation and first Lloyd's Act[edit]
The Subscription Room in the early 19th century
The market began in Lloyd's Coffee House, opened by Edward Lloyd in 1686 on Tower Street in the City of London.[3] This establishment was a popular place for sailors, merchants, and ship-owners, and 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 also frequented by mariners involved in the slave trade. Historian Eric Williams notes: "Lloyd's, like other insurance companies, insured slaves and slave ships, and was vitally interested in legal decisions as to what constituted 'natural death' and 'perils of the sea'."[4] Lloyd's obtained a monopoly on maritime insurance related to the slave trade and maintained it until the early 19th century.[4]
Just after Christmas 1691, the small club of marine insurance underwriters relocated to Lombard Street; a blue plaque on the site commemorates this. This arrangement carried on until 1774, long after Lloyd's death in 1713, when the participating members of the insurance arrangement formed a committee and moved to the Royal Exchange in Cornhill as The Society of Lloyd's.
The Royal Exchange was destroyed by fire in 1838. The building was rebuilt by 1844, but many of Lloyd's early records were lost. In 1871, the Lloyd's Act was passed in Parliament which gave the business a sound legal footing. The Lloyd's Act 1911 set out the Society's objectives, which include the promotion of its members' interests and the collection and dissemination of information.[5]
San Francisco earthquake[edit]
On 18 April 1906, a major earthquake and resulting fires destroyed more than 80 per cent of the Californian city of San Francisco. This event was to have a profound influence on building practices, risk modelling, and the insurance industry.
The 1906 San Francisco earthquake caused substantial losses for Lloyd's underwriters
Lloyd's losses from the earthquake and fires were substantial, even though at the time the placement of insurance business overseas was viewed with some wariness. One of Lloyd's leading underwriters, Cuthbert Heath, famously instructed his agent in San Francisco to "pay all of our policyholders in full, irrespective of the terms of their policies". The prompt and full payment of all claims arising out of the disaster helped to cement Lloyd's reputation for reliable claims payment 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. Since 1906, fire following earthquake has generally been an insured peril under most policies.[6]
Changes in the UK financial markets[edit]
It was realised that the membership of the Society, which had been largely made up of market participants, was too small in relation to the market's capitalisation and the risks that it was underwriting. Lloyd's response was to commission a secret internal inquiry, which produced the Cromer report in 1968. This report advocated the widening of membership to non-market participants, including non-British subjects and women, and to reduction of the onerous capitalisation requirements (thus creating a minor investor known as a "mini-Name"). The report also drew attention to the danger of conflicts of interest. The liability of the individual Names was unlimited.
During the 1970s, a number of issues arose which were to have significant influence on the course of the Society. The first was the tax structure in the UK: for a time, capital gains were taxed at up to 40 per cent (nil on gilts); earned income was taxed in the top bracket at 83 per cent, and investment income in the top bracket at 98 per cent. Lloyd's income counted as earned income, even for Names who did not work at Lloyd's, and this heavily influenced the direction of underwriting: in short, it was desirable for syndicates to make a (small) underwriting loss but a (larger) investment gain. The investment gain was typically achieved by "bond washing" or "gilt stripping": selling the gilt or other bond cum dividend and buying it back ex dividend, thus forfeiting the interest income in exchange for a tax-free capital gain. Syndicate funds were also moved offshore (which later created problems through fraud and self-dealing).
Because Lloyd's was a tax shelter as well as an insurance market, the second issue affecting Lloyd's was an increase in its external membership: by the end of the 1970s, the number of passive investors dwarfed the number of underwriters working in the market. Third, during the decade a number of scandals had come to light, including the collapse of the Sass syndicate, which had highlighted both the lack of regulation and the lack of legal powers of the Committee of Lloyd's (as it was then) to manage the Society.
Arising simultaneously with these developments were wider issues: first, in the United States, an ever-widening interpretation by the courts of insurance coverage in relation to workers' compensation for asbestosis-related losses, which created a huge hole in Lloyd's claims reserves, which was initially not recognised and then not acknowledged. Second, by the end of the decade, almost all of the market agreements, such as the Joint Hull Agreement, which were effectively cartels mandating minimum terms, had been abandoned under pressure of competition. Third, new specialised policies had arisen which had the effect of concentrating risk: these included "run-off" policies, under which the liability of previous underwriting years would be transferred to the current year, and "time and distance" policies, whereby reserves would be used to buy a guarantee of future income.
Second Lloyd's Act[edit]
In 1980, Sir Henry Fisher was commissioned by the Council of Lloyd's to produce the foundation for a new Lloyd's Act. The recommendations of his report addressed the "democratic deficit" and the lack of regulatory muscle.
The Lloyd's Act 1982 further redefined the structure of the business, and was designed to give external Names (investors in underwriting syndicates), introduced in response to the Cromer report, a say in the running of the business through a new governing Council.[7] The main purpose of the 1982 Act was to separate the ownership of the managing agents of the underwriting syndicates from the ownership of the broking firms (which acted as intermediaries, not as underwriters) with the objective of removing conflicts of interest.
Immediately after the passing of the 1982 Act, evidence came to light and internal disciplinary proceedings were commenced against a number of individual underwriters who had allegedly siphoned sums from their businesses to their own accounts. These individuals included a deputy chairman of Lloyd's and of its leading underwriters.
In 1986, the British government commissioned Sir Patrick Neill to report on the standard of investor protection available at Lloyd's. His report was produced in 1987 and made a large number of recommendations, but was never implemented in full.
Claims and bankruptcies in the eighties and nineties[edit]
In the late 1980s and early to mid-1990s, Lloyd's went through perhaps the most traumatic period in its history. Unexpectedly large legal awards in US courts for punitive damages led to large claims, especially on APH (asbestos, pollution and health hazard) policies, some dating as far back as the 1940s. Many of these policies were designed to cover all liabilities that were typically excluded from broad-form (wide cover) liability policies.
The classic example of "long-tail" insurance risks is asbestosis/mesothelioma claims under employers' liability or workers' compensation policies. An employee at an industrial plant may have been exposed to asbestos in the 1960s, fallen ill twenty years later, and claimed compensation from his former employer in the 1990s. The employer would report a claim to the insurance company that wrote the policy in the 1960s. However, because the insurer did not fully understand the nature of the future risk back in the 1960s, it and its reinsurers would not have properly reserved for it. In the case of Lloyd's, this resulted in the bankruptcy of thousands of individual investors who indemnified general liability insurance written from the 1940s to the mid-1970s for companies with exposure to asbestosis claims.
In the 1980s, Lloyd's was also accused of fraud by several American states and external Names.
Among the more high-profile accusations, it was alleged that Lloyd's withheld its knowledge of asbestosis and pollution claims until it could recruit more investors to take on these liabilities, which were unknown to investors prior to investment. Meanwhile, enforcement officials in eleven US states charged Lloyd's and some of its associates with various offences such as fraud and selling unregistered securities.
"Recruit to dilute"[edit]
Reinsurance to close[edit]
It may not be immediately clear how current members of current Lloyd's syndicates, which accept business a year at a time, could be liable to pay historical losses. This came about as a result of the Lloyd's accounting practice known as "reinsurance to close" (RITC).
Membership of a Lloyd's syndicate was not like owning shares in a company. An individual "joined" for one calendar year only, known as the Lloyd's annual venture. At the end of the year, the syndicate as an ongoing trading entity was effectively disbanded.
However, usually the syndicate re-formed for the next calendar year with more or less the same membership and the same identifying number. In this way, a syndicate could have a continuous existence going back (in some cases) 50 years or more, but each year was accounted for separately. There would have been 50 separate incarnations of this example syndicate, each one a separate trading entity that underwrote insurance for one calendar year only.
Since claims can take time to be reported and then paid, the profit or loss for each syndicate took time to realise. The practice at Lloyd's was to wait three years (that is, 36 months from the beginning of the year in which the business was written) before "closing" the year for accounting purposes and declaring a result.
For example, a 1984 syndicate would ordinarily declare its results following the end of December 1986. The syndicate's members would be paid any underwriting (and investment) profit during the 1987 calendar year, in proportion to their participation in the syndicate; conversely, they would have to reimburse the syndicate during 1987 for their share of any loss.
To calculate the profit or loss, reserves were set aside for future claims payments, for claims that had already been notified but not yet paid, as well as estimated amounts for claims that had been incurred but not reported (IBNR). This estimation is difficult and can be inaccurate; in particular, liability (long-tail) policies tend to produce claims long after the policies are written.
The reserve for future claims liabilities was set aside in an unusual way. The syndicate bought a reinsurance policy to pay any future claims; the premium was equal to the amount of the reserve. In other words, rather than putting the reserve into a bank to earn interest, the syndicate transferred its (strictly, its members') liability to pay future claims to a reinsurer. This was RITC – a transaction that allowed the syndicate to be closed, and a profit or loss declared.
The reinsurer was always another Lloyd's syndicate(s), often the succeeding year of the same syndicate. The members of syndicate 'A' in 1985 reinsured the future claims liabilities for members of syndicate 'A' in 1984. The membership might be the same, or it might have changed.
In this manner, liability for past losses could be transferred year after year until it reached the current syndicate. A member joining a syndicate with a long history of such transactions could – and often did – pick up liability for losses on policies written decades previously. As long as the reserves had been accurately estimated, and the appropriate RITC premium paid every year, then all would have been well, but in many cases this had not been possible. No one could have predicted the surge in APH losses. Therefore, the amounts of money transferred from earlier years by successive RITC premiums to cover these losses were insufficient, and the current members had to pay the shortfall.
(Similarly, within a stock company, an initial reserve for future claims liabilities is set aside immediately, in year 1. Any deterioration in that initial reserve in subsequent years will result in a reduced profit in the later years, and a consequently reduced dividend and/or share price for shareholders in those later years, whether or not those shareholders in the later year are the same as the shareholders in year 1. Arguably, Lloyd's practice of using reserves in year 3 to establish the RITC premiums should have resulted in a more equitable handling of long-tail losses such as APH than would the stock company approach. Nevertheless, the difficulties in correctly estimating losses such as APH overwhelmed even Lloyd's extended process.)
As a result, a great many individual members of syndicates underwriting long-tail liability insurance at Lloyd's faced significant financial loss or ruin by the mid-1990s.
Dilution of liabilities and the consequences[edit]
It was alleged that in the early 1980s some Lloyd's officials began a recruitment programme to enroll new Names to help capitalise Lloyd's prior to the expected onslaught of APH claims. This allegation became known as "recruit to dilute": in other words, recruit more Names to dilute losses. When the huge extent of asbestosis losses came to light in the early 1990s, for the first time in Lloyd's history large numbers of members refused or were unable to pay the claims, many alleging that they were the victims of fraud, misrepresentation, and negligence. The opaque system of accounting at Lloyd's made it difficult, if not impossible, for many Names to understand the extent of the liability that they personally and their syndicates subscribed to.
The market was forced to restructure. An ambitious plan entitled Reconstruction and Renewal was produced in 1995, with proposals for separating the ongoing Lloyd's from its past losses. Liability for all pre-1993 business was to be compulsorily transferred (by RITC) into a special vehicle named Equitas (which would require the approval of the UK's Department of Trade & Industry (DTI)) at a cost of around $21bn. Many Names faced large bills, but the plan also provided for a settlement of their disputes, a tax on recent profits, and the write-off of nearly $5bn of debts, skewed towards those with the most severe losses. The plan was debated at length, modified, and eventually strongly supported by the Association of Lloyd's Members (ALM) and most leaders of Names' action groups. Money was raised in many ways, including the sale and leaseback of the Lloyd's building, and a tax on future business. Individual offers were accepted by 95 per cent of Lloyd's names. The past liabilities of all Names were transferred to Equitas in September 1996.
The "recruit to dilute" fraud allegations were heard in court in 2000 in the case Sir William Jaffray & Ors v. The Society of Lloyd's and the appeal was heard in 2002. On each occasion the allegation that there had been a policy of "recruit to dilute" was rejected; however, at first instance the judge described the Names as "the innocent victims [...] of staggering incompetence" and at appeal the court found that representations that Lloyd's had a rigorous auditing system were false ([item 376 of the judgment:] [...] the answer to the question [...] whether there was in existence a rigorous system of auditing which involved the making of a reasonable estimate of outstanding liabilities, including unknown and unnoted losses, is no. Moreover, the answer would be no even if the word 'rigorous' were removed) and strongly hinted that one of Lloyd's main witnesses, Murray Lawrence, a previous chairman, had lied in his testimony ([item 405 of the judgment:] We have serious reservations about the veracity of Mr. Lawrence's evidence [...].).
Lloyd's then instituted some major structural changes: corporate members with limited liability were permitted to join and underwrite insurance; no new "unlimited liability" Names can join (although a few hundred existing ones remained); financial requirements for underwriting were changed, to prevent excess underwriting that was not backed by liquid assets; and market oversight significantly increased. Lloyd's rebounded and started to thrive again after the World Trade Center attack, but it has faced increased competition from newly created companies in Bermuda and other markets.
Reports[edit]
In July, 2017 Lloyd's published a risk-modeling report in conjunction with Cyence examining the possible economic losses from a major, global cyber attack. The conclusion was that such a global attack could trigger losses averaging US$53 billion.[8]
Structure[edit]
Lloyd's is not an insurance company; it is a market of members. As the oldest continuously active insurance marketplace in the world, Lloyd's has retained some unusual structures and practices that differ from all other insurance providers today. Originally created as a non-incorporated association of subscribing members, it was incorporated by the Lloyd's Act 1871 and is currently governed under the Lloyd's Acts of 1871 through to 1982.
Lloyd's itself does not underwrite insurance business, leaving that to its members. Instead, the Society operates effectively as a market regulator, setting rules under which members operate and offering centralised administrative services to those members.
Council of Lloyd's[edit]
The Council meets in the Committee Room, on the 11th floor of the Lloyd's building
The Lloyd's Act 1982 defines the management structure and rules under which Lloyd's operates. Under the Act, the Council of Lloyd's is responsible for the management and supervision of the market. It is regulated by the Prudential Regulation Authority and the Financial Conduct Authority.[9]
The Council normally has six working, six external and six nominated members.[10] The appointment of nominated members, including that of the chief executive officer, is confirmed by the Governor of the Bank of England. The working and external members are elected by Lloyd's members. The chairman and deputy chairmen are elected annually by the Council from among the working members of the Council. All members are approved by the regulating bodies.
The Council can discharge some of its functions directly by making decisions and issuing resolutions, requirements, rules and bylaws. The Council delegates most of its daily oversight roles, particularly relating to ensuring the market operates successfully, to the Franchise Board.
The Franchise Board lays down guidelines for all syndicates and operates a business planning and monitoring process to safeguard high standards of underwriting and risk management, thereby improving sustainable profitability and enhancing the financial strength of the market.[11]
Businesses at Lloyd's[edit]
Interior escalators linking the underwriting floors of the Lloyd's building
There are two classes of people and firms active at Lloyd's. The first are members, or providers of capital. The second are agents, brokers, and other professionals who support the members, underwrite the risks and represent outside customers (for example, individuals and companies seeking insurance, or insurance companies seeking reinsurance).
Members[edit]
For most of Lloyd's history, rich individuals known as Names backed policies written at Lloyd's with all of their personal wealth and took on unlimited liability. Since 1994, Lloyd's has allowed corporate members into the market, with limited liability. The asbestosis losses in the early 1990s devastated the finances of many Names: upwards of 1,500 out of 34,000 Names (4.4 per cent) were declared bankrupt. This scared away other potential Names. In 2011 individual Names provide only 11 per cent of capacity at Lloyd's, with UK-listed and other corporate members providing 30 per cent and the remainder via the international insurance industry.[12] No new Names with unlimited liability are admitted, and the importance of individual Names will continue to decline as they slowly withdraw, convert (generally into limited liability partnerships), or die. In 2014, Names with unlimited liability provided just 2 per cent of the overall capacity in Lloyd's.
Managing agents[edit]
Managing agents sponsor and manage syndicates. They canvas members for commitments of capacity, create the syndicate, hire underwriters, and oversee all of the syndicate's activities. Managing agents may run more than one syndicate, as borne out in the fact that in 2016 the 99 syndicates were operated by just 57 managing agents.
Members' agents[edit]
Members' agents co-ordinate the members' underwriting and act as a buffer between Lloyd's, the managing agents and the members. They were introduced in the mid-1970s and grew in number until many went bust; many of the businesses merged, and there are now only four left (Argenta, Hampden, Alpha and LMAS, which has no active Names). It is mandatory that unlimited Names write through a members' agent, and many limited liability members also choose to do so.
Lloyd's coverholder[edit]
Coverholders are an important source of business for Lloyd's. Their numbers have grown steadily in recent years, and in 2015 there were 4,008, producing an increasingly meaningful share of the market's overall income. The balance of Lloyd's business is distributed around the world through a network of brokers.
Coverholders allow Lloyd's syndicates to operate in a region or country as if they were a local insurer. This is achieved by Lloyd's syndicates delegating their underwriting authority to coverholders. A coverholder can have full or limited authority to underwrite on behalf of a Lloyd's syndicate. It will usually issue the insurance documentation and will often handle claims. The document setting out the terms of the coverholder's delegated authority is known as a binding authority.[13]
Lloyd's brokers[edit]
Outsiders, whether individuals or other insurance companies, cannot transact business directly with Lloyd's syndicates. They must hire Lloyd's brokers, who are the only customer-facing companies at Lloyd's. They are therefore often referred to as intermediaries. Lloyd's brokers shop customers' risks around the syndicates, trying to obtain the most competitive terms.
Integrated Lloyd's vehicles[edit]
When corporations became admitted as Lloyd's members, they often disliked the traditional structure. Insurance companies did not want to rely on the underwriting skills of syndicates they did not control, so they started their own. An integrated Lloyd's vehicle (ILV) is a group of companies that combines a corporate member, a managing agent, and a syndicate under common ownership. Some ILVs allow minority contributions from other members, but most now try to operate on an exclusive basis.
Financial security[edit]
Lloyd's capital structure, often referred to as the "Chain of Security", provides financial security to policyholders and capital efficiency to members. The Corporation is responsible for setting both member and central capital levels to achieve a level of capitalisation that is robust and allows members the potential to earn superior returns.
There are three "links" in the chain: the funds in the first and second links are held in trust, primarily for the benefit of policyholders whose contracts are underwritten by the relevant member. Members underwrite for their own account and are not liable for other members' losses.
The third link is the Lloyd's Central Fund, which contains mutual assets held by the Corporation which are available, subject to Council approval, as required, to meet any member's insurance liabilities.[12]
Financial performance[edit]
In its most recent annual report, for 2016, Lloyd's reported a pre-tax profit of £2.107bn, slightly lower than the prior year. Gross premiums written totalled £29.862bn, which was an 11.9 per cent increase from £26.69bn in 2015, without taking exchange rate fluctuations into account.
Each syndicate is responsible for determining how much money to hold in reserve for its known and unknown claim liabilities, and each may choose to release some of its reserves for prior-year claims if it deems it appropriate. Overall reserve releases can improve the current year's combined ratio result, whereas overall reserve increases can add to the combined ratio.
In 2016, before the release of £1.15bn of prior-year reserves, all eight of Lloyd's main business segments produced loss-making "accident year" combined ratios (property for example recorded 106.6 per cent, casualty 102.9 per cent and reinsurance 102.3 per cent). Only three of the eight classes (energy, aviation and reinsurance) were able to release enough claim reserves to ultimately generate a profit. The overall result for the market of the reserve releases was a 97.9 per cent "calendar year" combined ratio, a deterioration of 7.9 points from 90 per cent in 2015.
The following table details some key financial metrics for the Lloyd's market, as reported in each year's annual report:
Year
Gross premiums written
Combined ratio
(AY)
Combined ratio
(CY)
Pre-tax profit/(loss)
Pre-tax ROC
Ref
2016 £29,862m 103.0% 97.9% £2,107m 8.1% [14]
2015 £26,690m 97.9% 90.0% £2,122m 9.1% [15]
2014 £25,283m 96.1% 88.1% £3,161m 14.7% [16]
2013 £26,106m 94.8% 86.8% £3,205m 16.2% [17]
2012 £25,500m 98.3% 91.1% £2,771m 14.8% [18]
2011 £23,477m 113.3% 106.8% (£516m) (2.8%) [19]
2010 £22,592m 99.2% 93.3% £2,195m 12.1% [20]
Timeline of significant events at Lloyd's[edit]
1686 Edward Lloyd establishes Lloyd's Coffee House, on Tower Street
1691 Lloyd's Coffee House relocates to Lombard Street
1774 Society of Lloyd's founded, at the Royal Exchange
1799 Sinking of HMS Lutine
1871 Lloyd's Act
1906 San Francisco earthquake
1909 Sinking of the RMS Republic
1911 Lloyd's Act
1912 Sinking of the RMS Titanic
1914 Sinking of the RMS Empress of Ireland
1925 Market relocated to its first owned building, at 12 Leadenhall Street
1955 Supported the Montgomery Bus Boycott
1956 Sinking of the SS Andrea Doria
1958 Market relocated to new building, at 51 Lime Street
1965 Hurricane Betsy
1968 Cromer report published
1977 F. H. Sasse syndicate scandal[21][22]
1978 Amoco Cadiz disaster[23]
1978 Computer leasing losses[24]
1979 Betelgeuse incident
1979 Three Mile Island accident[25]
1982 Lloyd's Act
1986 Market relocated to the current Lloyd's building, at 1 Lime Street
Insurers, including the underwriters at Lloyd's, lost $1.4bn in the Piper Alpha disaster
1988 Piper Alpha disaster[26]
1989 Exxon Valdez oil spill
1989 Lloyd's Community Programme founded, with first chairman Michael Wade[27]
1990s Asbestosis affair and resultant London market excess (LMX) reinsurance spiral of losses[28]
1991 Typhoon Mireille
1992 Hurricane Andrew
1993 Bishopsgate bombing and subsequent establishment of Pool Re
1994 Northridge earthquake, California
1996 Equitas set up to harbour pre-1993 exposures
2001 World Trade Center attack
2004 Hurricanes Charley, Frances, Ivan and Jeanne
2005 Hurricanes Katrina, Rita and Wilma
2006 Berkshire Hathaway assumed Equitas liabilities
2010 Deepwater Horizon oil spill
2011 Tōhoku earthquake and tsunami
2013 Inga Beale appointed first female chief executive officer of Lloyd's[29][30][31][32]
2015 Explosions at the port of Tianjin
2017 Hurricanes Harvey, Irma and Maria
Types of policies[edit]
Lloyd's syndicates write a diverse range of policies, both direct insurance and reinsurance, covering casualty, property, marine, energy, motor, aviation and many other types of risk.[33] Lloyd's also has a unique niche in unusual, specialist business such as kidnap and ransom, fine art, specie, aviation war, satellites, personal accident, bloodstock and other insurances.
The general public knows of Lloyd's for some unusual or notable policies that were written there. For example, Lloyd's has been the marketplace which allowed the following to be insured:
silent film comedian Ben Turpin's eyes against uncrossing
Marlene Dietrich's, Betty Grable's,[34] Brooke Shields's, and Tina Turner's legs
cricketer Merv Hughes's trademark walrus mustache while playing for Australia between 1985 and 1994[35]
Jimmy Durante's nose
the hands of the 1932 World Yo-Yo Champion Harvey Lowe[35]
Keith Richards' fingers
food critic and gourmet Egon Ronay's taste buds for £250,000[34]
Whitney Houston's, Toni Braxton's, Celine Dion's, Bob Dylan's and Bruce Springsteen's vocal cords[35]
Michael Flatley's legs for $47 million[35] (the policy was only in effect when he was touring, and forbade him from dancing except on stage)
America Ferrera's smile for $10 million
Ken Dodd's teeth for $7.4 million[35]
Steve Fossett's life for $50 million
the bodies of several professional wrestlers, including Bret Hart, Ric Flair, Curt Hennig, Rick Rude, Brian Adams, and Joe Laurinaitis, better known as Road Warrior Animal. However, as of 2017, Dave Meltzer reported that they no longer insure wrestlers.[36]
Diana Lee's hair
Troy Polamalu's hair for $1 million[37]
participating automobiles in the carpools involved in the Montgomery Bus Boycott
a grain of rice with a portrait of the Queen and the Duke of Edinburgh engraved on it for $20,000[34]
a confident comedy theatre group against the risk of a member of their audience dying of laughter[34]
the development of the new World Trade Center with workers' compensation, general liability, excess liability and speciality insurance programmes[38]
Miscellaneous[edit]
The Lutine bell, housed in the rostrum in the main Underwriting Room
The present Lloyd's building, at 1 Lime Street, was designed by architect Richard Rogers and was completed in 1986. It stands on the site of the old Roman Forum. The 1925 building's facade survives, appearing strangely stranded with the modern building visible through the gates on the northern side on Leadenhall Street. In 2011 it became a listed building.[39]
In the main Underwriting Room of Lloyd's stands the Lutine bell, which was struck when the fate of a ship "overdue" at its destination port became known. If the ship was safe, the bell would be rung twice; if it had sunk, the bell would be rung once. (This had the practical purpose of immediately stopping the sale or purchase of "overdue" reinsurance on that vessel.) Nowadays it is only rung for ceremonial purposes, such as the visit of a distinguished guest, or for the annual Remembrance Day service and anniversaries of major world events.
The early history of Lloyd's was fictionalised in the 1936 film Lloyd's of London.
A fictional portrayal of Lloyd's Underwriting Room was featured in the 1965 motion picture You Must Be Joking! The Lutine bell figured prominently in the film's plot.
The Lloyd's building was used in the beginning of the film Mamma Mia! to represent a New York office building from where Pierce Brosnan's character left for the Greek island. Lloyd's is also the main plotline in English author Penny Vincenzi's novel An Absolute Scandal (2007), which centres around the scandals during the 1980s and 1990.
Brokers and underwriters are still normally held to, and apparently prefer, a more formal style of attire than many nearby City of London banks and financial institutions.[40]
See also[edit]
BS 1088 – Marine materials standard
Jonathan's Coffee-House – original home of the London Stock Exchange
Lloyd's List
Lloyd's Open Form
Lloyd's Register
Lloyd's unlimited rating
Shipping line
London portal
Companies portal
Footnotes[edit]
Jump up ^ "Introduction to Lloyd's: background". Hmrc.gov.uk. 11 January 2008. Retrieved 20 March 2011.
Jump up ^ "Lloyds Annual Report 2016" (PDF). Lloyd's of London. 31 December 2016.
Jump up ^ Marcus, G. J. Heart of Oak: A Survey of British Sea Power in the Georgian Era. Oxford University Press. p. 192. ISBN 0192158120.
^ Jump up to: a b Williams, Eric (1944). Capitalism and Slavery. Chapel Hill: University of North Carolina Press. pp. 104–05. Retrieved 25 September 2017.
Jump up ^ "Lloyd's Act 1911" (PDF). Retrieved 26 February 2011.
Jump up ^ "San Francisco earthquake", lloyds.com.
Jump up ^ "Lloyd's Act 1982" (PDF). Retrieved 26 February 2011.
Jump up ^ "Lloyd's: Global cyber attack could spur US$53b in losses - Business News | The Star Online". Retrieved 2017-07-31.
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^ Jump up to: a b "Lloyd's Annual Results 2011" (PDF). Lloyd's of London. 31 December 2011. Retrieved 28 September 2012.
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Further reading[edit]
Cuthbert Heath: Maker of the Modern Lloyd's of London by Antony Brown. Illustrated with black-and-white photographic plates, which include the Twin Towers in New York, with a colour frontispiece of 'The Room' at Lloyd's (Originally supplied in cardboard box). From a copy of Cuthbert Heath Published by David and Charles UK in 1980 with ISBN 0-7153-7942-9.
Hazard Unlimited:The Story of Lloyd's of London by Antony Brown.
Raphael, Adam, Ultimate Risk: the inside story of the Lloyd's catastrophe (London, Four Walls Eight Windows, 1994, ISBN 978-1-56858-056-2).
On The Brink:How a Crisis Transformed Lloyd's of London by Andrew Duguid, Palgrave Macmillan, August 2014, ISBN 9781137299291.
External links[edit]
Lloyd's official web site
Lloyd's Agency Department
Special report on Lloyd's in The Economist (18 September 2004)
Time magazine report on Lloyd's (February 21t., 2000)
Independent analysis of Lloyd's
Association of Lloyd's Members
USA Today Q&A with CEO Richard Ward, September 2008
Data[edit]
Yahoo! – Lloyd's Company Profile
Lloyd's of London's webcam
Lloyd's litigation database
Commentary on Lloyd's
Coordinates: 51°30′47.28″N 0°04′56.42″W / 51.5131333°N 0.0823389°W / 51.5131333; -0.0823389
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