Latest Lloyd's Headlines
All the headlines from our Lloyd's Topic Page, ordered by recency.
Lloyd’s Change to Annual Accounting Results in $4.5 Billion Loss Estimate
May 13 2002 // Lloyd’s decision to begin reporting its syndicates profits and losses on an annual basis, rather than over three years, proved costly. Last year’s losses are estimated at £3.11 billion ($4.5 billion) overall,...
Lloyd’s to Reexamine Names Buy Out Plan
May 9 2002 // When Lloyd’s Chairman Sax Riley first announced wide ranging plans to reform the 300-year old institution, easing out the remaining individual “Names” was one of the most radical, and controversial,...
W.R.Berkley Confirms Increased Stake in Lloyd’s Kiln
May 3 2002 // Confirming earlier reports (See IJ Website April 26), Connecticut-based W. R. Berkley Corp. announced that it has agreed to increase its ownership in U.K.-based Kiln plc, a leading Lloyd’s insurer, to 20.1...
Lloyd’s Riley Urges Passage of Terrorist Insurance Bill
May 2 2002 // Following recent meetings with policy makers in Washington D.C., Lloyd’s Chairman Sax Riley issued a statement urging U.S. lawmakers to pass the stalled terrorist coverage bill. “Lloyd’s was one of the...
Michael Wade’s Appointment as Brit Director May Signal Consolidations at Lloyd’s
Apr 30 2002 // According to a report in London’s Financial Times the appointment of Michael Wade, the CEO of Rostrum, an investment management group, as a director of Brit Insurance may be a signal that further consolidation in the...
W.R. Berkley to Acquire 20% Stake in Lloyd’s Market Insurer Kiln
Apr 26 2002 // W.R. Berkley will up its share in Lloyd’s insurer Kiln to 20 percent by acquiring 32.8 million newly offered shares in the company at 47 pence (68 cents) and the acceptance of a two-for-three rights issue at the same...
A.M. Best Affirms Lloyd’s ‘A- (Excellent)’ Rating
Apr 23 2002 // A.M. Best announced that it has maintained the A- (Excellent) financial strength rating of the Lloyd’s market “after the recent announcement of a 2001 loss of GBP 3.11 billion [$4.5 billion], on an annually...
U.S. Regulators Give Approval on Lloyd’s Estimate
Apr 18 2002 // Following the initial portion of a review of the market, U.S. regulators have given Lloyd’s of London approval on the company’s estimate of $8 billion for gross claims in the Sept. 11 destruction of the World...
Lloyd’s Change to Annual Accounting Creates $4.45 Billion Loss Estimate for 2001
Apr 11 2002 // Lloyd’s decision to begin reporting the profits and losses of its syndicates on an annual basis, rather than over three years, produced some costly results, with last year’s losses estimated at £3.11...
Lloyd’s Kiln Covers Drug Company Patents
Apr 1 2002 // London’s Financial Times carries a report that Lloyd’s underwriter Kiln has written policies insuring an unidentified “multinational pharmaceutical group” against challenges to some of its...
Lloyd’s Completes $5 Billion Trust Fund Transfer
Mar 29 2002 // Lloyd’s of London announced that it has completed the transfer of over $5 billion to its trust funds in the United States since September 2001, and has fulfilled the arrangement made with the National Association of...
Moody’s Report Discusses Effect of Decreasing Number of Lloyd’s Syndicates
Mar 28 2002 // A report by Moody’s Investors Service discusses the long term effects of the dwindling number of Lloyd’s syndicates, and concludes that, although the trend marks a decline in Lloyd’s market share, it will...
Cox to Run Off $142 Million in Lloyd’s Business as Part of Restructuring
Mar 22 2002 // Hit heavily by the Sept. 11 attacks, with estimated losses from the events now reaching £125 million ($178 million), Cox insurance, which writes both retail coverage and participates in the Lloyd’s market,...
Lloyd’s Seems to be Weathering the Storm
Mar 11 2002 // After the record losses from the WTC attacks, two cash calls, a buffeting by the rating agencies, a proposed reorganization of its basic financial structure and an audit by the National Assoc-iation of Ins-urance...
Lloyd’s Seems to be Weathering the Storm
Mar 11 2002 // Elton John’s “I’m Still Standing” could become Lloyd’s theme song—it’s a better fit than “Candle in the Wind.” After the record losses from the WTC attacks, two cash calls,...
Global-Reinsurance Industry Foresees Growth in Online Services
Mar 11 2002 // If anyone needs proof that the Internet is no longer a curiosity, the reinsurance industry is a good place to start looking. Reinsurance companies aren’t generally known for the rapidity with which they adopt...
Lloyd’s Still on ‘Watch Negative’
Mar 11 2002 // 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...
S&P Keeps Lloyd’s on Watch Negative
Feb 21 2002 // Standard & Poor’s announced that its single-‘A’ insurer financial strength rating on the Lloyd’s insurance market will remain on CreditWatch with negative implications, but said it...
Report Indicates Lloyd’s Will Pass NAIC Audit
Feb 15 2002 // Lloyd’s is apparently set to receive a clean bill of financial health from the auditors who’ve been examining its accounts, and evaluating its reserves, as part of last November’s agreement with the...
Lloyd’s Issues $803 Million Cash Call
Feb 6 2002 // Lloyd’s of London confirmed analysts’ expectations with its second cash call to syndicate members in four months, asking them to provide an additional £546 million ($802.8 million) to cover Lloyd’s...
