Citing a strong capital position and current market conditions, Lloyd’s of London has offered to buy back up to 100 million pounds ($145 million) worth of bonds at a discount.
The offer applies to fixed/floating rate subordinated notes due 2024 and subordinated notes due 2025 as well as perpetual subordinated capital securities. The bonds are all rated A-.
Lloyd’s said the transaction would allow it to benefit from a significant discount on the securities without materially affecting its capital position.
Rating analysts at A.M. Best said the move would not affect their ratings of Lloyd’s.
Was this article valuable?
Here are more articles you may enjoy.
Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases 
South Carolina Ringleader Sentenced to 8 Years for Staged Accidents 
Travelers to Open Technology Office in Atlanta 
Two Montgomery Workers Charged with Insurance Fraud in Alabama 
