The number of individual investors in Lloyd’s syndicates, known as Names, continues to decline, falling from 2,852 last year to 2,490 currently, a 13 percent decrease.
As corporate capital becomes increasingly the rule (it now accounts for around 85 percent of Lloyd’s capacity), the days of the individual investor in the Lloyd’s market may be numbered. Once looked upon as a status symbol, years of devastating losses, starting with the asbestos and environmental claims in the late 70’s and 80’s, has thinned the ranks of individual Names from a high of 34,000 to the current level.
The decline comes in the wake of the Sept.11 attacks on the U.S., and in spite of sharply rising premium rates. Lloyd’s capacity, however, doesn’t appear to be materially affected by the defections. In fact it announced a record £12.3 billion ($17.83 billion) for this year, an increase in excess of 10 percent. See IJ Website Dec.17)
Topics Excess Surplus Lloyd's
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