The rumors of Lloyd’s demise seem to have been premature, as the London market announced record breaking capacity for the year 2002 of around £12.3 billion ($17.5 billion), an increase of $1.8 billion over this year, and a 20 percent increase over the last two years.
The announcement confirmed that “In the wake of strong rises in the cost of insurance, some of the world’s most respected insurers and long-time Lloyd’s capital providers increased their capital commitments in the market.” Lloyd’s Chairman Sax Riley observed that “Our capital providers are voting with their checkbooks.”
The news helps allay fears that much of the new capital flowing into the global insurance market, estimated to be as high as $20 billion, was targeted to places like Bermuda, rather than Lloyd’s.
Topics Excess Surplus Lloyd's
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