Run-off conference warned of Deepwater LMX spiral
Extreme weather events and environmental disasters could cause a return of London market excess-of-loss (LMX) spirals, according to John LaBarbera of US law firm Cozen O'Connor.
Speaking at the London ARC annual conference today (23 February), LaBarbera said that loss development following the Deepwater Horizon oil rig disaster last year showed signs that the mistakes that led to the LMX spiral that haunted the London market in the 1980s and 1990s were being repeated.
LaBarbera said the main characteristic of...
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