Lloyd’s sets limits for letters of credit exposures
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Lloyd’s sets limits for letters of credit exposures

Rachel Dalton
10 January 2024
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Lloyds Building London City area

Lloyd’s has imposed limits for Funds at Lloyd’s (FaL) exposures to letters of credit (LOCs) based on the issuing banks’ long-term credit ratings.

The move comes after the (re)insurance sector was rocked by the Vesttoo scandal, in which the ILS platform was found to have been using faked LOCs as collateral for some deals.

The

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Regulation News Lloyd's
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Rachel Dalton
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