David Gilchrist, Chairman of Lloyd’s vehicle Kiln Plc, which owns 46 percent of four Lloyd’s syndicates, told Reuters News Agency that despite 1999 losses of £6.7 million ($10.4 million) he “expects to move to a near breakeven position in 2000.”
“What will happen gradually throughout the year, to a greater or lesser extent, is that most classes of business will have rate increases,” Gilchrist told Reuters.
While the heads of larger insurance organizations have been predicting premium increases for a long time, this ” turning of the business cycle” doesn’t appear to have happened as yet, as Brian O’Hara, CEO of XL noted (see previous story, May 11). Kiln, as an active syndicate participant, may be closer to the market.
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