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The ratings agency cited a reduction in exposure to nat cat risk as a reason for the change. -
Continental composite carriers aim to smooth volatility with new initiatives.
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The Lloyd’s investment business has cut expenses by 54% over the past six months.
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The broker’s headline Ebitda was $20mn, up from $5.6mn in 2023.
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It said the loss did not reflect the underlying economic performance of the business.
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Property remains the dominant line, accounting for nearly 30% of total London premiums.
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Rachel Turk said product-line facilities had been “under-scrutinised”.
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Lloyd’s reported reinsurance GWP increased 10.6% to £13.2mn.
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Gross written premium was up 6% year on year.
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The ratings agency was presenting its outlook ahead of the Monte Carlo Rendez-Vous.
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The division reported revenue up 13.3% at A$465.9mn.
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The Bermudian reiterated its pledge to improve performance.
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