Business Services Industry
British Insurer Lloyd's Performs Well in Part Due to Natural Disaster Division.
Knight Ridder/Tribune Business News, April, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Apr. 17--Insurers at the Lloyd's market are a hardy breed. They take disaster in their stride. Cataclysms take a little longer, but they are all in the line of business.
Chaucer Holdings is a connoisseur of natural disasters. One of the smaller players, it funds three under-writing syndicates and manages two.
The greatest disaster in recent times was the September 11 attacks in 2001. That year, Lloyd's lost more than UKpound 3 billion.
But the insurers hiked premiums massively for high-risk customers and painfully enough for the rest of us. Some, including Chaucer, raised more capital to take full advantage of the higher rates.
The results were dramatic. Lloyd's...
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