S&P announced that its “A” insurer financial strength rating on the Lloyd’s insurance market will remain on CreditWatch with negative implications, but expects the placement to be resolved by the end of April 2002.
Due to losses arising from the terrorist attacks on Sept. 11, 2001, along with cash calls and the preliminary estimates for Lloyd’s Central Fund drawdowns, or payments, uncertainty remains as to the ultimate impact of open-year losses on Lloyd’s.
Concerned with the effects the drawdowns from Central Fund, which assures claims payments when an individual underwriting syndicate is unable to do so, will have on Lloyd’s overall financial condition, S&P stressed there were too many unknown factors to remove the market from CreditWatch.
Topics Excess Surplus Lloyd's
Was this article valuable?
Here are more articles you may enjoy.
USI Sues 3 Former Producers After They Allegedly Moved Clients to Howden US 
As AI Agents Go Rogue, Cyber Insurers Are Adapting Their Policies 
Buc-ee’s Faces Backlash in Ohio Over Logo Lawsuit With Mini Mart 
Florida Grand Jury Finds DeSantis Admin Misused $10M; Yaworsky Signed Off on it From This Issue
