Lloyd's costly victory
Article Abstract:
Lloyd's of London has managed to separate most of its financial difficulties from continuing operations by gaining government approval for the creation of a new company. The company, Equitas, will handle Lloyd's liabilities from its insurance business during and prior to 1992. Lloyd's, a 308-year-old British insurance market, faced investor lawsuits, related woes and near-extinction in 1996 after a disastrous string of losses. The company now faces intense competition and a need to restore its reputation.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1996
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Lloyd's transformation is a sweet and sour mix
Article Abstract:
Lloyd's of London released a plan in May 1995 to settle its existing liabilities and reform its operations. The plan includes a settlement of about 2.8 billion pounds sterling that would be allocated according to the probable results of pending litigation. A new company called Equitas would be formed to handle accounts from the years up to 1992, while a 'new Lloyd's' would inherit accounts from the years 1993 through 1995. The plan was regarded as a favorable opening position for negotiation.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1995
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Catastrophes: the new math
Article Abstract:
After Hurricane Andrew hit south Florida in Aug of 1993 a number of actuaries began estimating the damages. Applied Insurance Research used a maximum loss model that estimated that its clients would suffer about $10.7 billion, and could suffer as much as $15.6 billion in damages, which has turned out to be more in line with current estimates. Other actuarial services were not so lucky, as their models and methodology for estimating losses were inaccurate.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1993
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