UK:
Lloyd's Suspends Profit Distribution
30 October 2017
Holman Fenwick Willan LLP
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In the wake of this year's catastrophic hurricanes,
Lloyd's has taken the step of postponing the distribution of
profits by syndicates. The extent of the losses caused as a result
of Hurricanes Harvey, Irma and Maria is being assessed but these
could impact syndicates' capital levels. There is debate about
the scale of the losses, with Lloyd's publishing early
preliminary an estimate of £4.5 billion for Hurricanes Harvey
and Irma alone, but some modelling firms estimate losses of around
US$50 billion. Taking the earthquakes in Mexico and Hurricane Maria
together, analysts at Jeffries have estimated another US$1 billion
of losses. According to Jeffries, the market has enough capital to
withstand the losses without calling on its Central Reserves
– member's funds at Lloyd's are in excess of US$29.81
billion.
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