Southampton, Bermuda–Lloyd's, after successfully surviving $5.25 billion in U.S. hurricane losses, is setting its sights on improving its efficiency, Lloyd's chairman said yesterday.
In an interview during the World Insurance Forum in Bermuda, Chairman Peter Levene said if Lloyd's had to pay out the $5.25 billion cost of Hurricanes Katrina, Wilma and Rita five or six years ago, "that would have been the end of the world."
But in 2005, Lloyd's people just "got on with things," he said. Lord Levene called Lloyd's absorption of such a huge cost without losing money a "fantastic" testament to the market reform process that has taken place over the last few years.
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