Will Lloyd's reforms damage its spirit? (Late Breaking News).(new accounting methods to be used by Lloyd's of London)(Brief Article)

National Underwriter Property & Casualty-Risk & Benefits Management, July, 2002 by Howard, Lisa S.

As Lloyd's of London continues its program to reform and modernize the marketplace, there are those critics who worry that Lloyd's may spoil the entrepreneurial spirit that has characterized the market for many years. Others believe it is undisciplined entrepreneurial spirit that has brought many years of losses to the marketplace.

They believe entrepreneurialism can flourish quite nicely, alongside underwriting guidelines that will assure profits for investors and a sound, mutualized Central Fund. Indeed, the ongoing reform efforts include developing a list of underwriting guidelines, which will soon be issued publicly as part of a consultative document, sources say. "For a very long time, London underwriters, especially at Lloyd's prided themselves on...

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