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Lloyd’s profitability review is being described as the biggest shakeup of the market since reconstruction in the 1990s. As syndicates are forced to pare back capacity, it could have far-reaching consequences well beyond the market itself, as Intelligent Insurer reports.
Lloyd’s of London is expected to force some syndicates to shed capacity and even close some entire lines of business in what many market participants view as the biggest and most fundamental restructuring the market has seen since the 1990s following the asbestos crisis.
But while Lloyd’s insists that the shakeup is much-needed and will leave the market in better health as a result, many also warn that the bloodshed will have major reverberations for the London Market.
Triggered partly by the heavy losses of 2017, Lloyd’s is conducting a profitability review of underperforming syndicates and lines of business. Depending on how deep Lloyd’s chooses to cut, this could have a major impact on other parts of the London Market and further afield.
Lloyd's of London, Profitability, Syndicates, London, UK