LONDON (Reuters) – Insurers in the specialist Lloyd’s of London have added 3 billion pounds in capital following large natural catastrophe losses in 2017, the market’s senior executives said.
The capital has been provided “to restore capital resources to the level prior to the Q3 2017 loss events and to cover changes in capital requirements for 2018 underwriting”, chairman Bruce Carnegie-Brown and chief executive Inga Beale said in an annual email to the market.
“No syndicate has ceased trading due to the storms,” they added.
This year could be the costliest on record for insurance losses due to natural catastrophes, industry specialists say, following three hurricanes in the U.S. and Caribbean, earthquakes in Mexico and wildfires still burning in California.
Lloyd’s, the world’s leading player in specialist commercial insurance, houses more than 80 underwriting syndicates.
(Reporting by Carolyn Cohn, Editing by Lawrence White)