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An Incomplete Revolution: Corporate Governance Challenges of the London Assurance Company and the Limitations of the Joint-Stock Form, 1720–1725

Published online by Cambridge University Press:  13 August 2019

MICHAEL ALDOUS  and
STEFANO CONDORELLI
MICHAEL ALDOUS
Affiliation:
Michael Aldous is a lecturer in Management at Queens Management School, Queens University Belfast. Contact information: Queens Management School, Riddel Hall, 185 Stranmillis Road, Belfast BT9 5EE, Northern Ireland. Tel: +44 (0)28 9097 4200. E-mail: m.aldous@qub.ac.uk.
STEFANO CONDORELLI
Affiliation:
Stefano Condorelli is an associate researcher at the Center for Global Studies of the University of Bern in Switzerland. Contact information: Center for Global Studies, University of Bern, Länggassstrasse 51, 3012Bern, Switzerland. E-mail: stefano.condorelli@cgs.unibe.ch.
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Abstract

The London Assurance (LA) was incorporated in 1720, marking a significant innovation in the marine insurance industry. Contemporaries anticipated joint-stock firms such as the LA would rapidly outcompete private underwriters, yet this outcome did not occur. The success of the private underwriters has been ascribed to their organizational form. This paper reassesses these explanations and finds that, rather than an a priori worse business model, various corporate governance challenges limited the LA’s capacity to compete. This provides a more complete explanation for the relative failure of the joint-stock marine insurance companies and has implications for understanding the evolution of the corporate form in the eighteenth century.

Type
Article
Information
Enterprise & Society , Volume 21 , Issue 1 , March 2020 , pp. 239 - 270
Copyright
Copyright © The Author 2019. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved. 

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Footnotes

*

Michael Aldous and Stefano Condorelli conceived and developed this article together. Michael Aldous wrote the sections: Introduction, Britain’s Evolving Economy in the Early Eighteenth Century, The Incorporation Debate, Creating a Strategy and Structure (paragraphs 6-10); Stefano Condorelli wrote the sections: Establishing a Marine Insurance Corporation, Creating a Strategy and Structure (paragraphs,1-5, 11), An Evolving Strategy, Explaining These Outcomes.

References

Bibliography of Works Cited

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Drew, B. The London Assurance: A Second Chronicle. Plaistow, UK: Curwen Press, 1949.Google Scholar
DuBois, A. B., The English Business Company After the Bubble Act, 1720–1800, New York: Octagon Books, 1971. First published 1938.Google Scholar
Freeman, M., Pearson, R., and Taylor, J.. Shareholder Democracies? Corporate Governance in Britain and Ireland Before 1850. Chicago: University of Chicago, 2012.Google Scholar
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Go, S. Marine Insurance in the Netherlands 1600–1870: A Comparative Institutional Approach. Amsterdam: Amsterdam University Press, 2009.CrossRefGoogle Scholar
Haines, F. Chapters of Insurance History; The Origin & Development of Insurance in England. London: Post Magazine & Insurance Monitor, 1926.Google Scholar
Harris, R. Industrializing English Law: Entrepreneurship and Business Organization. Cambridge: Cambridge University Press, 2000.CrossRefGoogle Scholar
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Murphy, A. L. The Origins of English Financial Markets Investment and Speculation Before the South Sea Bubble. Cambridge: Cambridge University Press, 2009.Google Scholar
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Scott, W. R. The Constitution and Finance of English, Scottish, and Irish Joint-stock Companies to 1720. 3 vols. Cambridge: Cambridge University Press, 1910–1912.Google Scholar
Straus, R. Lloyd’s: A Historical Sketch. London: Hutchinson & Co., 1937.Google Scholar
Street, G. The London Assurance, 1720–1920. London: Williams & Norgate, 1920.Google Scholar
Supple, B. The Royal Exchange Assurance: A History of British Insurance, 1720–1970. Cambridge: Cambridge University Press, 1970.Google Scholar
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Bogatyreva, A. “England 1660–1720: Corporate or Private?” In Marine Insurance Origins and Institutions, 1300–1850, edited by Leonard, A. B., 178–203. London: Palgrave Macmillan, 2016.Google Scholar
Carlos, A. M., Fletcher, E., and Neal, L.. “Share Portfolios in the Early Years of Financial Capitalism: London, 1690–1730.” Economic History Review, 68, no. 2 (2015): 574–599.CrossRefGoogle Scholar
Condorelli, S. “The 1719–20 Stock Euphoria: A Pan-European Perspective.” MPRA Paper, 2014. https://mpra.ub.uni-muenchen.de/82821.Google Scholar
Crothers, A. “Commercial Risk and Capital Formation in Early America: Virginia Merchants and the Rise of American Marine Insurance, 1750–1815.” Business History Review, 78, no. 4 (2004): 607–634.CrossRefGoogle Scholar
Ferris, S., Jagannathan, M., and Pritchard, A.. “Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments.” Journal of Finance, 58 (2003): 1087–1111.CrossRefGoogle Scholar
Fich, E., and A. Shivdasani, A. “Are Busy Boards Effective Monitors?” Journal of Finance, 61 (2006): 689–724.CrossRefGoogle Scholar
Frehen, R., Goetzmann, W., and Rouwenhorst, K.. “New Evidence on the First Financial Bubble.” Journal of Financial Economics, 108, no. 3 (2013): 585–607.CrossRefGoogle Scholar
Gelderblom, O., De Jong, A., and Jonker, J.. “The Formative Years of the Modern Corporation: The Dutch East India Company VOC, 1602–1623.” Journal of Economic History, 73, no. 4 (2013): 1050–1076.CrossRefGoogle Scholar
Guinanne, T., Harris, R., Lamoreaux, N., and Rosenthal, J.-L.. “Putting the Corporation in Its Place.” Enterprise and Society, 8, no. 3 (2007): 687–729.CrossRefGoogle Scholar
Harris, R. “The Bubble Act: Its Passage and Its Effects on Business Organization.” Journal of Economic History, 54 (1994): 610–627.CrossRefGoogle Scholar
John, A. “Insurance Investment and the London Money Market of the 18th Century.” Economica, 20, no. 78 (1953): 137–158.CrossRefGoogle Scholar
John, A. “The London Assurance Company and the Marine Insurance Market of the Eighteenth Century.” Economica, 25, no. 98 (1958): 126–141.CrossRefGoogle Scholar
Kingston, C. “Marine Insurance in Britain and America, 1720–1844: A Comparative Institutional Analysis.” Journal of Economic History, 67, no. 2 (2007): 379–409.CrossRefGoogle Scholar
Lamoreaux, N., and Rosenthal, J.-L.. “Corporate Governance and the Plight of Minority Shareholders in the United States Before the Great Depression.” In Corruption and Reform: Lessons from America’s Economic History, edited by Glaeser, Edward and Goldin, C., 125–152. Chicago: University of Chicago Press, 2006.CrossRefGoogle Scholar
Leonard, A. “Contingent Commitment: The Development of English Marine Insurance in the Context of New Institutional Economics, 1577–1720.” In Questioning Credible Commitment: Perspectives on the Rise of Financial Capitalism, edited by Coffman, D’M., Leonard, A., and Neal, L., 48–75. Cambridge: Cambridge University Press, 2013.CrossRefGoogle Scholar
Musacchio, A., and Turner, J.. “Does the Law and Finance Hypothesis Pass the Test of History?” Business History, 55, no. 4 (2013): 524–542.CrossRefGoogle Scholar
Pearson, R. “Shareholder Democracies? English Stock Companies and the Politics of Corporate Governance During the Industrial Revolution.” English Historical Review, 117, no. 473 (2002): 840–866.CrossRefGoogle Scholar
Pearson, R., and Doe, H.. “Organizational Choice in UK Marine Insurance.” In Corporate Forms and Organizational Choice in International Insurance, edited by Pearson, R. and Yoneyama, T., 47–67. Oxford: Oxford University Press, 2015.CrossRefGoogle Scholar
Pettigrew, W. “Regulatory Inertia and National Economic Growth: An African Trade Case Study, 1660–1714.” In Regulating the British Economy, 1660–1850, edited by Gauci, P., 25–40. Farnham, UK: Ashgate, 2011.Google Scholar
Tirole, J. “Corporate Governance.” Econometrica, 69 (2001): 1–35.CrossRefGoogle Scholar
Turner, J. “The Development of English Company Law Before 1900.” In Research Handbook on the History of Corporate and Company Law, edited by Well, H., 121–141. Cheltenham, UK: Edward Elgar, 2018.CrossRefGoogle Scholar
Westall, O. “Invisible, Visible and ‘Direct’ Hands: An Institutional Interpretation of Organizational Structure and Change in British General Insurance.” Business History, 39, no. 4 (1997): 44–67.CrossRefGoogle Scholar
Cholmondeley Papers. Political papers, 88, n. 29. Department of Manuscripts, University of Cambridge.Google Scholar
London Metropolitan Archive (LMA)/CLC/B/192/8727A, Abstract book of rules, decisions, orders etc. relating to the administration and structure of the Corporation.Google Scholar
LMA/CLC/B/192/MS08725C, “Account of shares,” an account of early shareholders and shares.Google Scholar
LMA/CLC/B/192/MS30488, Marine Register 1720–21.Google Scholar
LMA/CLC/B/08729/1, “Minute book of the court of directors.”Google Scholar
LMA/CLC/B/192/MS08760, “The special report from the [Parliamentary] committee appointed to inquire into, and examine the several subscriptions for fisheries, insurances, annuities for lives, and all other projects carryed on by Subscription, in and about the cities of London and Westminster; and to inquire into all undertakings for purchasing joint stocks, or obsolete charters.”Google Scholar
National Archives, Secretaries of State: State Papers Foreign, Hamburg, SP 82/37, cc. 108–123.Google Scholar
Anderson, A. An Historical and Chronological Deduction of the Origin of Commerce. London: 1801. First published 1762.Google Scholar
Applebee’s Original Weekly Journal, July 23, 1720.Google Scholar
Daily Post, July 12, 1720.Google Scholar
Gazette d’Amsterdam, July 23, 1720.Google Scholar
Hatton, E. Comes Commercii. London, 1747.Google Scholar
A Letter to Jasper Vaux […] in which the […] extent of marine assurance are examined, by a subscriber to Lloyd’s. London, 1810.Google Scholar
The Political State of Great Britain. Vol. 20, London, 1720.Google Scholar
Post Boy, July 9, 12, and 16, 1720.Google Scholar
Stow, J. A Survey of the Cities of London and Westminster, Borough of Southwark. London, 1733.Google Scholar
A true and exact particular and inventory […] of Sir William Chapman. London, 1721.Google Scholar
Alborn, T. Conceiving Companies: Joint-stock Politics in Victorian England. London: Routledge, 1998.Google Scholar
Bowen, H. The Business of Empire: The East India Company and Imperial Britain, 1756–1833. Cambridge: Cambridge University Press, 2006.Google Scholar
Bradburn, D., and Coombs, J., eds. Early Modern Virginia: Reconsidering the Old Dominion. Charlottesville: University of Virginia Press, 2011.Google Scholar
Carswell, J. The South Sea Bubble. Stroud, UK: Allan Sutton, 1993.Google Scholar
Chandler, A. Strategy and Structure: Chapters in the History of the American Industrial Enterprise. Cambridge, MA: MIT Press, 1974.Google Scholar
Clayton, G. British Insurance, London: Elek Books, 1971.Google Scholar
Dickson, P. The Financial Revolution in England: A Study in the Development of Public Credit 1688–1756. London: Macmillan, 1967.Google Scholar
Drew, B. The London Assurance: A Second Chronicle. Plaistow, UK: Curwen Press, 1949.Google Scholar
DuBois, A. B., The English Business Company After the Bubble Act, 1720–1800, New York: Octagon Books, 1971. First published 1938.Google Scholar
Freeman, M., Pearson, R., and Taylor, J.. Shareholder Democracies? Corporate Governance in Britain and Ireland Before 1850. Chicago: University of Chicago, 2012.Google Scholar
Gibb, D. Lloyd’s of London: A Study in Individualism. London: MacMillan, 1957.Google Scholar
Go, S. Marine Insurance in the Netherlands 1600–1870: A Comparative Institutional Approach. Amsterdam: Amsterdam University Press, 2009.CrossRefGoogle Scholar
Haines, F. Chapters of Insurance History; The Origin & Development of Insurance in England. London: Post Magazine & Insurance Monitor, 1926.Google Scholar
Harris, R. Industrializing English Law: Entrepreneurship and Business Organization. Cambridge: Cambridge University Press, 2000.CrossRefGoogle Scholar
Huisman, M. La Belgique commerciale sous l’empereur Charles VI. La Compagnie d’Ostende. Brussels: Lamertin, 1902.Google Scholar
Kessler, M., Lee, K., and Menning, D.. The European Canton Trade 1723: Competition and Cooperation. Berlin: de Gruyter, 2016.CrossRefGoogle Scholar
Kraakman, R., Davies, P., Hansmann, H., Hertig, G., Hopt, K., Kanda, H., and Rock, E.. The Anatomy of Corporate Law: A Comparative and Functional Approach. Oxford: Oxford University Press, 2004.Google Scholar
Lamikiz, X. Trade and Trust in the Eighteenth-Century Atlantic World: Spanish Merchants and Their Overseas Networks. Woodbridge, UK: Boydell Press, 2013.Google Scholar
McGilvary, G. East India Patronage and the British State. London: I. B. Tauris, 2008.CrossRefGoogle Scholar
Murphy, A. L. The Origins of English Financial Markets Investment and Speculation Before the South Sea Bubble. Cambridge: Cambridge University Press, 2009.Google Scholar
Pearson, R., and Yoneyama, T., eds. Corporate Forms and Organizational Choice in International Insurance. Oxford: Oxford University Press, 2015.CrossRefGoogle Scholar
Raynes, H. A History of British Insurance. London: Sir Isaac Pitman & Sons, 1948.Google Scholar
Scott, W. R. The Constitution and Finance of English, Scottish, and Irish Joint-stock Companies to 1720. 3 vols. Cambridge: Cambridge University Press, 1910–1912.Google Scholar
Straus, R. Lloyd’s: A Historical Sketch. London: Hutchinson & Co., 1937.Google Scholar
Street, G. The London Assurance, 1720–1920. London: Williams & Norgate, 1920.Google Scholar
Supple, B. The Royal Exchange Assurance: A History of British Insurance, 1720–1970. Cambridge: Cambridge University Press, 1970.Google Scholar
Sutherland, L. A London Merchant, 1695–1774. Oxford: Oxford University Press, 1933.Google Scholar
Wagner, M., The English Chartered Trading Companies, 1688–1763: Guns, Money and Lawyers. Abingdon, UK: Routledge, 2018.CrossRefGoogle Scholar
Wright, C., and Fayle, C. C., A History of Lloyd’s. London: MacMillan, 1928.Google Scholar
Acheson, G., and Turner, J.. “The Impact of Limited Liability on Ownership and Control: Irish Banking, 1877–1914.” Economic History Review, 59, no. 2 (2006): 320–346.CrossRefGoogle Scholar
Akerlof, G. “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism.” Quarterly Journal of Economics, 84, no. 3 (1970): 488–500.CrossRefGoogle Scholar
Amsinck, C. “Die ersten hamburgischen Assecuranz-Compagnien und der Aktien-handel im Jahre 1720.” Zeitschrift des Vereins für hamburgerische Geschichte, 9 (1894).Google Scholar
Bogatyreva, A. “England 1660–1720: Corporate or Private?” In Marine Insurance Origins and Institutions, 1300–1850, edited by Leonard, A. B., 178–203. London: Palgrave Macmillan, 2016.Google Scholar
Carlos, A. M., Fletcher, E., and Neal, L.. “Share Portfolios in the Early Years of Financial Capitalism: London, 1690–1730.” Economic History Review, 68, no. 2 (2015): 574–599.CrossRefGoogle Scholar
Condorelli, S. “The 1719–20 Stock Euphoria: A Pan-European Perspective.” MPRA Paper, 2014. https://mpra.ub.uni-muenchen.de/82821.Google Scholar
Crothers, A. “Commercial Risk and Capital Formation in Early America: Virginia Merchants and the Rise of American Marine Insurance, 1750–1815.” Business History Review, 78, no. 4 (2004): 607–634.CrossRefGoogle Scholar
Ferris, S., Jagannathan, M., and Pritchard, A.. “Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments.” Journal of Finance, 58 (2003): 1087–1111.CrossRefGoogle Scholar
Fich, E., and A. Shivdasani, A. “Are Busy Boards Effective Monitors?” Journal of Finance, 61 (2006): 689–724.CrossRefGoogle Scholar
Frehen, R., Goetzmann, W., and Rouwenhorst, K.. “New Evidence on the First Financial Bubble.” Journal of Financial Economics, 108, no. 3 (2013): 585–607.CrossRefGoogle Scholar
Gelderblom, O., De Jong, A., and Jonker, J.. “The Formative Years of the Modern Corporation: The Dutch East India Company VOC, 1602–1623.” Journal of Economic History, 73, no. 4 (2013): 1050–1076.CrossRefGoogle Scholar
Guinanne, T., Harris, R., Lamoreaux, N., and Rosenthal, J.-L.. “Putting the Corporation in Its Place.” Enterprise and Society, 8, no. 3 (2007): 687–729.CrossRefGoogle Scholar
Harris, R. “The Bubble Act: Its Passage and Its Effects on Business Organization.” Journal of Economic History, 54 (1994): 610–627.CrossRefGoogle Scholar
John, A. “Insurance Investment and the London Money Market of the 18th Century.” Economica, 20, no. 78 (1953): 137–158.CrossRefGoogle Scholar
John, A. “The London Assurance Company and the Marine Insurance Market of the Eighteenth Century.” Economica, 25, no. 98 (1958): 126–141.CrossRefGoogle Scholar
Kingston, C. “Marine Insurance in Britain and America, 1720–1844: A Comparative Institutional Analysis.” Journal of Economic History, 67, no. 2 (2007): 379–409.CrossRefGoogle Scholar
Lamoreaux, N., and Rosenthal, J.-L.. “Corporate Governance and the Plight of Minority Shareholders in the United States Before the Great Depression.” In Corruption and Reform: Lessons from America’s Economic History, edited by Glaeser, Edward and Goldin, C., 125–152. Chicago: University of Chicago Press, 2006.CrossRefGoogle Scholar
Leonard, A. “Contingent Commitment: The Development of English Marine Insurance in the Context of New Institutional Economics, 1577–1720.” In Questioning Credible Commitment: Perspectives on the Rise of Financial Capitalism, edited by Coffman, D’M., Leonard, A., and Neal, L., 48–75. Cambridge: Cambridge University Press, 2013.CrossRefGoogle Scholar
Musacchio, A., and Turner, J.. “Does the Law and Finance Hypothesis Pass the Test of History?” Business History, 55, no. 4 (2013): 524–542.CrossRefGoogle Scholar
Pearson, R. “Shareholder Democracies? English Stock Companies and the Politics of Corporate Governance During the Industrial Revolution.” English Historical Review, 117, no. 473 (2002): 840–866.CrossRefGoogle Scholar
Pearson, R., and Doe, H.. “Organizational Choice in UK Marine Insurance.” In Corporate Forms and Organizational Choice in International Insurance, edited by Pearson, R. and Yoneyama, T., 47–67. Oxford: Oxford University Press, 2015.CrossRefGoogle Scholar
Pettigrew, W. “Regulatory Inertia and National Economic Growth: An African Trade Case Study, 1660–1714.” In Regulating the British Economy, 1660–1850, edited by Gauci, P., 25–40. Farnham, UK: Ashgate, 2011.Google Scholar
Tirole, J. “Corporate Governance.” Econometrica, 69 (2001): 1–35.CrossRefGoogle Scholar
Turner, J. “The Development of English Company Law Before 1900.” In Research Handbook on the History of Corporate and Company Law, edited by Well, H., 121–141. Cheltenham, UK: Edward Elgar, 2018.CrossRefGoogle Scholar
Westall, O. “Invisible, Visible and ‘Direct’ Hands: An Institutional Interpretation of Organizational Structure and Change in British General Insurance.” Business History, 39, no. 4 (1997): 44–67.CrossRefGoogle Scholar
Cholmondeley Papers. Political papers, 88, n. 29. Department of Manuscripts, University of Cambridge.Google Scholar
London Metropolitan Archive (LMA)/CLC/B/192/8727A, Abstract book of rules, decisions, orders etc. relating to the administration and structure of the Corporation.Google Scholar
LMA/CLC/B/192/MS08725C, “Account of shares,” an account of early shareholders and shares.Google Scholar
LMA/CLC/B/192/MS30488, Marine Register 1720–21.Google Scholar
LMA/CLC/B/08729/1, “Minute book of the court of directors.”Google Scholar
LMA/CLC/B/192/MS08760, “The special report from the [Parliamentary] committee appointed to inquire into, and examine the several subscriptions for fisheries, insurances, annuities for lives, and all other projects carryed on by Subscription, in and about the cities of London and Westminster; and to inquire into all undertakings for purchasing joint stocks, or obsolete charters.”Google Scholar
National Archives, Secretaries of State: State Papers Foreign, Hamburg, SP 82/37, cc. 108–123.Google Scholar
Anderson, A. An Historical and Chronological Deduction of the Origin of Commerce. London: 1801. First published 1762.Google Scholar
Applebee’s Original Weekly Journal, July 23, 1720.Google Scholar
Daily Post, July 12, 1720.Google Scholar
Gazette d’Amsterdam, July 23, 1720.Google Scholar
Hatton, E. Comes Commercii. London, 1747.Google Scholar
A Letter to Jasper Vaux […] in which the […] extent of marine assurance are examined, by a subscriber to Lloyd’s. London, 1810.Google Scholar
The Political State of Great Britain. Vol. 20, London, 1720.Google Scholar
Post Boy, July 9, 12, and 16, 1720.Google Scholar
Stow, J. A Survey of the Cities of London and Westminster, Borough of Southwark. London, 1733.Google Scholar
A true and exact particular and inventory […] of Sir William Chapman. London, 1721.Google Scholar