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Lloyd's Capacity Hits New Record For 2002
From the National Underwriter
NU Online News Service, Dec. 12, 11:40 a.m. EST—The Lloyd’s
of London insurance market will expand to reach record-breaking size next
year, with the potential for a further increase in capacity during the
first half of 2002.
Lloyd’s said that the market’s ability to accept premiums in 2002 will rise from £11 billion ($15.62 billion at current exchange rates) to £12.3 billion ($17.5 billion)--its highest capacity figure ever. The £1.3 billion increase is due to additional capital being committed by the market’s backers in the wake of strong rises in the price of insurance, Lloyd's said.
In addition, Lloyd’s said that a number of businesses in the market are expected to announce further increases in their capacity in the first half of 2002.
"It’s hard to make new records in a 300-year-old business, but we now have our largest ever capacity," said Lloyd’s Chairman Sax Riley, in a statement.
"Clearly the market has emerged from the turmoil surrounding the events of Sept. 11 in good shape," he added. "Our capital providers are voting with their checkbooks.
"Having come through a number of difficult years, they are now increasing their underwriting commitments as we enter a period of sustained market growth. We expect to see the rise in business from all over the world, but especially in the U.S., which last year was our largest single market."
Next year will be the second straight in which the market’s capacity has risen by £1 billion, meaning that Lloyd's capacity has increased by 20 percent in two years.
Lloyd’s previous highest capacity figure was £11.3 billion in 1991.
last updated: December 17, 2001
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Diversified Risk Insurance Brokers
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