Back in the black
Lloyd’s has recently published its interim results for the first half of 2018 confirming a return to profit following the severe catastrophe experience of 2017.
An improved combined ratio of 95.5% (June 2017:96.9%) and a modest increase in gross written premiums, up from £18.9bn in June 2017 to £19.3bn, is being driven by improvements in pricing and growth in profitable lines.
Lloyd’s capital position is at its strongest ever with net resources totalling £29.0bn, reaffirming an A (excellent) from A.M. Best, A+ (Strong) from Standard and Poor’s and AA- (very Strong) from Fitch.
Lloyds’ market’s access to the EU27 has been secured via the Lloyd’s Brussels subsidiary which will start writing business in the European Economic Area from 1st January 2019.
Finally, John Neal was confirmed as the new CEO of Lloyd’s, following a meeting of the Council of Lloyd’s, where his appointment was unanimously approved as successor to Inga Beale. The previous Group CEO of QBE took up his new position on 15th October.