Lloyd's is feeling competition from markets in Bermuda and Asia where insurers have less regulation and pay less taxes, according to a study released by a leading reinsurance broker.
That conclusion was reached in the Lloyd's market financial and operational report for 2006 produced by Guy Carpenter & Company Inc., a reinsurance broker and subsidiary of professional services provider Marsh & McLennan Companies.
Guy Carpenter said Lloyd's suffered substantial losses from Hurricanes Katrina, Rita and Wilma in 2005 resulting in a combined ratio of 111.8 percent. Net losses amounted to ?3.3 billion (U.S. $6.01 billion at current exchange rate). The market suffered an overall financial loss of ?103 million ($187.52 million).
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