Lloyd’s dour tone contrasts with upbeat US
Lloyd's struck a notably downbeat tone last week on pricing
momentum for specialty (re)insurance business while posting an
impressive market-wide £1.53bn pre-tax bottom line for the
first half of 2012.
The comments from Lime Street contrasted markedly with the messages
emanating from many US/Bermuda (re)insurers in the summer investor
earnings calls. Here, it was common for executives to talk
enthusiastically about inflation-busting momentum on commercial
lines business, where renewals are effectively now producing
"rate-on-rate" increases.
The specialty (re)insurance world has...
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