Despite substantial catastrophe losses of more than $2 billion in 2004, Lloyd's remained profitable, demonstrating a newfound resilience, according to a report by reinsurance brokerage firm Guy Carpenter & Company Inc.

Geoffrey Bromley, chairman of Guy Carpenter's European and Asian operations, in the firm's third annual review of Lloyd's market, said that where a record year of natural catastrophe insured losses may have proven problematic for Lloyd's in the past, the market is now showing it can handle them.

London-based Guy Carpenter, a subsidiary of New York-headquartered professional services firm Marsh & McLennan Companies, reported the market experienced its third consecutive profitable year.

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