Lloyd’s announced preliminary estimates that it would suffer an overall loss of at least $1.6 billion for its 1999 year of account. Lloyd’s previously announced losses in 1998 of $1.54 billion. Lloyd’s cited a three-year delay in closing its accounts as contributing to difficulties in estimating its current financial position. However, the company noted significant changes made within the organization to increase profitability. Such steps include increasing loss reserves and bad debt provisions as well as strengthening or eliminating loss-making enterprises.
Topics Excess Surplus
Was this article valuable?
Here are more articles you may enjoy.
US P/C Industry Books Best Result in a Decade but Not All Lines Enjoy Success 
One Weather Firm Warns New England Could See Big Hurricane This Season 
Remember the Fall of Patriot National? Trial in Suit vs. Mariano’s Lawyers to Begin 
Ranking: Who Are the Insurance Industry’s AI Talent, Maturity Leaders? From This Issue
