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Interview - Onward and upward.
(From Reinsurance)
Lloyd's has much to feel positive about as it reflects on the state of its business. After the exceptional losses of 2001 it was able to announce in April 2004 that it had made record profits in 2003 of EUR2.7bn - more than double the figure achieved in 2002. The market's combined ratio reduced to 90.7% from 98.6% in 2002 - a significant improvement that compares favourably with its peers in Europe and other major markets.
The mood at Lloyd's in 2004 was further boosted by the ratings agencies.
AM Best upgraded Lloyd's one notch to A (excellent). It cited improving prospective capitalisation, strong operating performance, ...
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