Learning From Yesterday to Fashion Tomorrow
Whilst the original Insurance family business has been sold it is very much the intention of the Lumley family to build on the basis of 115 plus years of trading. Our core values and philosophy run deep within DNA for 5 Lumley generations
Edward Lumley, his wife Kathleen and Raymond Sturge on the Orama, Sydney departure, ca. 1927
Our Values and Philosophy to business reputation and opportunities
In the 1920’s, when Edward Lumley was comparatively a young man, he was returning to England by sea with his wife Kathleen, from one of their visits to Ceylon, Malaya, Australia and New Zealand.
On board ship he felt he would like to write down some of this philosophy and thoughts on life, and during the voyage he did so. He told his wife at the time, that he had done this for his three sons when they should be grown-up. “Every Man is Skipper of his Destiny”
These guiding principles have helped frame the Lumley Family business affairs and their dealings in life, values and philosophy which have given rise to the benefits for the current and future generations.
Foundations
The origins of Edward Lumley Holdings Ltd occurred when Bennie S. Cohen was asked by a number of Australian friends to arrange insurance in the London market at Lloyd’s which he did through a Lloyd’s Broker. In 1910 a young Edward joined the firm and while his father Bennie S Cohen went to Australia the broker they were using went out of business. He decided to make the firm a Lloyd’s Broker. This he did as well as forming a Limited Company, Bennie S. Cohen & Son Ltd. This was in 1913 and in 1914 Edward joined up and the firm was kept going with great difficulty while the war was on.
More Recently
In 2003 a strategic review indicated that the Australian and New Zealand Insurance companies would need extra capital if they were going to continue to grow. Already a good deal of profit was being paid away to quota share reinsurers to ensure sufficient capital for business currently being written. The options were to float again and loose control over time or to sell. After careful consideration it was felt that the second option would produce the best option going forward as with our large families having all the family wealth in one insurance company which would always be subject to volatile returns. The nature of insurance did not seem to be the best option for the next generations.