Lloyd's of London.

Financial News, November, 2001

The Daily Telegraph

According to sources, Lloyd's of London is likely next week to announce an estimated increase in losses from the US terrorist attacks in its quarterly figures. Two weeks after the attacks Lloyd's judged its exposure to be [pound]1.3bn (e2.1bn). It is now expected to be [pound]1.5bn to [pound]1.7bn. Even before the US attacks, Lloyd's was making a loss. In 1999 the figure was [pound]1.4bn and in 2000 it was [pound]649m. Projected losses for 2000 are likely to be raised to [pound]1.1bn.

Lloyd's is not the only insurer to have increased its estimates. Swiss Re and Munich Re both doubled their estimates soon after releasing them and Lloyd's own managing agents, Wellington and Amlin, have raised their original forecasts.

The...

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