Hurricanes Drive Down Profits At Lloyd's Rating agencies still pleased, as results fall in upper end of expectations
Lloyd's of London saw its annual profit fall 28 percent in 2004, as the market felt the effects of catastrophe claims from U.S. hurricanes and an insurance arbitration settlement with reinsurers involving its Central Fund.
However, rating agencies appeared pleased with Lloyd's announcement, saying that profits were still better than, or within the upper range of, anticipated results.
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