When the Society for the Registry of Shipping, which was to become Lloyd’s Register, was founded in 1760, Samuel Saunders was the proprietor of the coffee house.
After Saunders passed away, the reputation of the coffee house declined. Gambling and speculation was taking place. This resulted in the marine insurers of the day to procure new premises at No. 5 Pope’s Head Alley in 1769. The new house was opened on March in that year as New Lloyd’s Coffee House and a week later the first edition of New Lloyd’s List was issued.
Approximately 79 merchants, underwriters and brokers decided that the rooms were not really large enough for comfort. Hence, in 1771 each agreed to subscribe £100 to build an entirely new establishment but the project dwindled. But 3 years later, in 1774, the members of Lloyd’s moved into their new quarters at the Royal Exchange and began to transact business solely as underwriters.