Combined ratio of 105% is best Lloyd's can hope for – S&P
Lloyd's will make an underwriting loss in 2011 due to its first-half catastrophe losses, as even a benign hurricane season is unlikely to save the market from a combined ratio of 105 percent or above, ratings agency Standard and Poor's (S&P) has said.
S&P pointed to the Corporation's loss estimates, which initially placed its Japan losses at $1.9bn, New Zealand quake losses at $1.2bn and its Australian flooding losses at $700mn.
It then said: "Taken together, these events are expected...
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