Summary
Citing the effects of last year's hurricanes, Lloyd's posted a 2005 pretax loss of L103 million, compared with a profit of L1.36 billion in 2004. The combined ratio -- losses and expenses as a percentage of premiums -- deteriorated to 111.8 from 96.6 in 2004. The solvency ratio improved to 379% from 300%. Central resources for solvency purposes improved to L1.8 billion from L1.6 billion. Lloyd's chairman Peter Levene and Luke Savage, the company's finance director and acting CEO, each offered an optimistic interpretation of the 2005 losses, arguing they were limited by Lloyd's disciplined underwriting.
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Extract
Hurricanes Drive Lloyd's to £103 Million Loss
Citing the effects of last year's hurricanes, Lloyd's posted a 2005 pretax loss of £103 million (about $180.5 millio...
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