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Events conspiring against Lloyd's: Ward
25 March 2010
Lloyd’s of London is unlikely to match last year’s record profits in 2010, concedes Richard Ward, CEO of the market. But Ward believes market conditions are such that pricing must go up, he told Reactions in an interview.
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Richard Ward
Lloyd's
Lloyd’s of London
windstorm Xynthia
Lloyd's Exchange
Solvency II
Lloyd’s of London is unlikely to match last year’s record profits in 2010, concedes Richard Ward, CEO of the market. But Ward believes market conditions are such that pricing must go up, he told Reactions in an interview.
Lloyd’s of London said Wednesday that it recorded a £3.89bn ($5.85bn) profit for 2009, up from £1.90bn in 2008.
“The question everyone is asking me is: can we keep it up this year?” Ward told Reactions. “A lot of things are conspiring against us this year. Already we have seen some catastrophes with the Chilean earthquake and windstorm Xynthia in Europe. So I think, firstly, we can’t expect 2010 to be as benign a catastrophe season as 2009 was. Secondly, we won’t be able to make the investment returns in 2010 that we made in 2009 based on our current outlook.
“So that means...
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