Closure of 2001 underwriting year to signal end of Lloyd's losses
When Lloyd’s closes its 2001 underwriting year at 31 December 2003 it will include some £3.5bn of gross claims from the World Trade Center tragedy. According to accountants Littlejohn Frazer, the effect of this will be to produce an overall bottom line loss for the market expected to be in the region of £1.6bn, an improvement on last year’s £2.4bn loss.
Lloyd’s specialist Neil Coulson Littlejohn Frazer predicts this will mark the last in a series of five loss-making years at Lloyd’s, which is likely be followed by at least three profitable years forOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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