Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

http://www.businessweek.com/stories/1993-07-04/lloyds-of-londons-sticky-wicket

Businessweek Archives

Lloyd's Of London's Sticky Wicket


In Business This Week

LLOYD'S OF LONDON'S STICKY WICKET

The venerable insurer Lloyd's of London added a higher-than-expected $4.3 billion 1990 annual loss to its long list of woes. (Lloyd's keeps its books open for three years.) Chairman David Rowland described the figure as the "low point in the Society's performance" over the past 305 years. Heavy claims from storms and the cost of legal battles contributed to the hit. Rowland predicted that Lloyd's will see a return to profitability in its 1993 operating year. Meanwhile, Lloyd's is trying to attract its first-ever capital from both corporate and institutional investors, who, unlike Lloyd's beleaguered "names"--individuals who pledge assets to support underwriting--will have limited liability. Rowland says the firm has been "beseiged" with interest. But Lloyd's latest numbers may cool their ardor.EDITED BY JULIE TILSNER


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus