The money results replicate a [*fr1] year defined by the absence of any major catastrophes. however Lloyd’s Chairman and corporate executive each warned that – midway through the Atlantic violent storm season – there was still potential for this to alter before the year is out.
Lloyd’s Chairman, John Horatio Nelson, same that aside from the shortage of major catastrophe claims, the foremost notable feature of the 2013 [*fr1] year results is that the fall in investment financial gain returns from one.2% to 0.5%.
“All giant investors – as well as major insurers – have found it arduous to secure substantive returns within the continued low rate atmosphere,” he said. “Yields at longer maturities have begun to rise in anticipation of tighter financial policy, however short-run interest rates square measure seemingly to stay terribly low within the close to term.”
Chief govt, Richard Ward, represented Lloyd’s as being in “robust money health”, thanks partly to the market’s central assets: “The strength of central assets enabled the Society to repurchase some £180m of our subordinated debt in might 2013.
“This can bring money enjoy reduced interest payments in future years with none important impact on the superb security we provide.”
Dr Ward, WHO in December can step down as Chief govt of Lloyd’s, took the chance to give thanks his colleagues for his or her support and praised the Lloyd’s marketplace for its diligence in establishing principles of underwriting discipline.
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