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.
Was this article valuable?
Here are more articles you may enjoy.
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
Experian Launches Insurance Marketplace App on ChatGPT 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles 
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
