With its viability intact despite incurring $5.25 billion in losses from U.S. hurricanes, top Lloyd's executives are setting their sights on making the market more efficient, while growing impatient for relief from U.S. collateral requirements, according to the chairman of Lloyd's.
"If Lloyd's would have had to pay out $5.25 billion five or six years ago, that would have been the end of the world," said Lord Peter Levene, speaking with NU during last week's World Insurance Forum.
"Now, we had a cost of $5.25 billion" and people just "got on with things," he said, noting that little attention has been paid to the figure. "That is actually fantastic," he said, adding the fact that Lloyd's can absorb that big a cost without losing money is a testament to the market's reform process over the last few years.
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