Editing Lloyd's of London (section)

===1960s: Hurricane Betsy and the Cromer report===
In 1965 Lloyd's wrote the first satellite insurance policy, covering [[Intelsat I]] in pre-launch.<ref>{{cite web | url=https://www.lloyds.com/about-lloyds/history/new-frontiers-and-greater-risk | title=The age of new frontiers 1965-2014 }}</ref>

Later that year, when Lloyd's had around 6,000 members on 300 syndicates, [[Hurricane Betsy]] struck the [[Gulf of Mexico]] coastlines, costing the market over £50 million. The catastrophe halted the capital that hitherto had been pouring into Lloyd's, and twice as many members left between 1965 and 1968 as had left over the prior eight years.<ref name=Mantle/> It was soon realised that the membership of the Society, which had been largely made up of market participants, was too small in relation to the [[Market capitalization|market's capitalisation]] and the risks that it was taking on.

Lloyd's response was to commission a secret internal inquiry in 1968, headed by [[Rowland Baring, 3rd Earl of Cromer|Lord Cromer]], a former [[Governor of the Bank of England]]. This report advocated the widening of membership to non-market participants, including non-British subjects and then women, and the 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 [[conflict of interest|conflicts of interest]]. The liability of the individual Names was unlimited, and thus all their personal wealth and assets were at risk.