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Comment - Will profits affect reform.
(From Reinsurance)
Byline: Isobel McCalman, Editor.
It was hard for the team presenting the Lloyd's 2003 results not to look a little pleased with themselves. Essentially they had nothing but good news to report. Chairman Lord Levene, chief executive Nick Prettejohn and director of finance Andrew Moss were able to announce a profit of GBP1892m ($3380m) in 2003 - an increase of 127% on 2002.
On top of that, the Lloyd's underwriting ratio is down from 98.6% in 2002 to 90.7% in 2003. This, it points out, stacks up well when compared to the European property and casualty (P&C)/R&I (101.4%); US P&C (100.7%); and US R&I (101.2%). However, a break down by class of business in the Lloyd's market shows that casualty is actually at 110.4% with the likes of property (89.4%) and energy (83.4%) providing the balance.
Of course the Lloyd's presentation emphasised the benign claims for 2003, with low catastrophe claims in particular greatly assisting the underwriting return. However, Nick Prettejohn describes 2004 as the "year of choice" and a time where there is no room for complacency.
The market seems to feel that it has carried on a process of reform, including the actions of the Franchise Board, the move towards annual accounting in 2005, the appointment ...
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