Bloomberg News

Lloyd’s of London Prepared for Greece Euro Exit, Telegraph Says

May 27, 2012

Lloyd’s of London Ltd. is prepared for a collapse of the European single currency that may be triggered if Greece leaves the euro, The Sunday Telegraph said, citing an interview with Chief Executive Officer Richard Ward.

Lloyd’s has a contingency plan to switch from euro underwriting to multi-currency settlement if Greece returns to the drachma, the newspaper said.

The insurance provider has reduced its exposure as far as possible to euro-area countries and it may have to accept writedowns on some of its 58.9 billion pounds ($92.3 billion) of assets under management, the paper said, citing Ward.

Lloyd’s spokesman John Battersby confirmed the remarks were made in an interview with The Sunday Telegraph when contacted by Bloomberg News. He declined to comment further.

To contact the reporter on this story: Ben Farey in London at bfarey@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net


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