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Lloyd's Calls For End To Re Trade Barriers

Lloyd's chairman Peter Levene told New York business leaders today that if trade barriers such as collateral requirements are lifted, foreign reinsurers could provide more support in the event of anot

By Caroline McDonald | Updated on January 11, 2006

Lloyd’s chairman Peter Levene told New York business leaders today that if trade barriers such as collateral requirements are lifted, foreign reinsurers could provide more support in the event of another U.S. mega-disaster like Hurricane Katrina.

According to a copy of Lord Levene’s remarks released by Lloyd’s, he told members of the Downtown Association and Insurance Brokers Association of New York that it is imperative for the U.S. to reform its “credit for reinsurance” rules that force foreign reinsurers to post collateral equal to 100 percent of their gross liabilities to U.S. companies.

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