The £300mn bill the Lloyd's market has incurred for implementing Solvency II should have been far lower and the process for implementing the regime has been "extraordinarily painful", according to Lloyd's chairman John Nelson.
"It has been an extraordinarily painful process. It has cost Lloyd's about £300mn and it should have cost a fraction of that," Nelson told delegates at the London conference of the Association of Lloyd's Members today (13 June).
Nelson explained that in "pure mechanical terms"...
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