Insurance Post

Binding business at Lloyd's comes under spotlight

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Business written under binding authorities has been an historic Achilles' heel of the Lloyd's market, frequently resulting in the kind of large syndicate losses that can irreparably damage both reputations and solvency.However, the obvious solution - that of simply not doing such business - is not a commercially realistic option. Such agreements are a major source of business for Lloyd's and there have been many extremely profitable arrangements.According to figures released by the Lloyd's p