AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Gulf hurricanes blow Lloyd's 2005 profit hopes off course.
(From Lloyds List)
Byline: Analysts believe risk of ratings downgrade appears unlikely as syndicates weather the storm, writes James Brewer
LLOYD'S has lost almost all hope of making a profit on the 2005 account, after potential hurricane exposures soared to GBP2.95bn ($4.71bn).
The market is at some risk of a ratings downgrade, although analysts believe that looks unlikely.
All syndicates are seen as able to survive the hurricane setbacks, and Lloyd's has approved plans for an overall increase of capacity in 2006 to GBP14.7bn.
Lloyd's said that the net loss from Hurricane Katrina was now estimated at GBP1.9bn, compared with the provisional estimate of GBP1.4bn given by Lloyd's on September 14. The net loss from Rita is estimated at GBP535m, and from Wilma at GBP483m.
Lloyd's did not give a gross figure before reinsurance recoveries, but given the level of insured losses of the catastrophes, this must be substantial.
- Wellington raises Katrina loss estimate.
- Magazine article from: Investors Chronicle October 7, 2005 700+ words
Lloyd's insurer Wellington Underwriting has raised its loss estimate, net of reinsurance cover, from Hurricane Katrina from $75m to $125m. Wellington's losses relate mainly to its energy...
- Trenwick Group Ltd. Revises September 11th Terrorist Attack Loss Estimate.
- Press release article from: Business Wire October 4, 2001 700+ words
...2001. Trenwick's revised estimate is based on an industry loss estimate of $35 to $40 billion. Because of the scope and uniqueness...Managing Agents Limited is Trenwick's managing agency at Lloyd's. Canterbury Financial Group underwrites U.S. property...
- XL Capital Confirms Terrorist Loss Estimate, to Take Other Charges in 3rd...
- Press release article from: PR Newswire October 4, 2001 700+ words
...Winterthur International, and losses stemming from the Sri Lanka airport attack, a recent explosion in Toulouse, France and its Lloyd's of London operations. For the full story please go to SNL.com InsuranceInvestor Interactive. Or click here http...
- Lloyd's Denies It Is 'In Jeopardy'.(Terrorist attacks impact on reinsurance...
- Magazine article from: National Underwriter Property & Casualty-Risk & Benefits Management Howard, Lisa S. September 24, 2001 700+ words
...World Trade Center, and that "Lloyd's is in jeopardy." "Already...Center losses will sink some Lloyd's syndicates, drain Lloyd...of the gap between the total loss estimate that is developing by consensus...especially if weighted toward the Lloyd's market, as suggested by...
- Fitch: Lloyd's Katrina Estimate Within Expectations.
- Press release article from: Business Wire September 15, 2005 700+ words
...This was also the case in 2004 when Lloyd's reported a net profit of GBP1...2005, or a significant increase in Lloyd's Hurricane Katrina loss estimate, could further affect earnings and reduce Lloyd's capital adequacy. These developments...
- S&P Assesses Lloyd's Losses-Related Liquidity Strain.
- Press release article from: Business Wire October 23, 2001 700+ words
...temporarily relax their requirement for Lloyd's members to provide funds equivalent...strain on the market. Commenting on Lloyd's share of the global reinsurance...Services Ratings, said: "The loss estimate for Lloyd's is based on information available...
- Lloyd's CEO says bye-bye: Prettejohn leaves Lloyd's looking forward.(UPFRONT:...
- Magazine article from: Risk & Insurance January 1, 2006 700+ words
...growth ran into opposition. Lloyd's outgoing chief presumably...hiccup. At the end of November, Lloyd's raised its loss estimate from Hurricane Katrina to $3...without any major recourse to Lloyd's emergency Central Fund...
- Lloyd's Raises Sept. 11 Loss Estimates. (Reporter's Notebook).
- Magazine article from: Claims January 1, 2002 700+ words
Lloyd's of London has increased its net loss estimate from the Sept. 11 terrorist attacks by...and increasing reinsurance exposures as Lloyd's primary insurers raise their loss estimates. Lloyd's officials pointed out, however...
