MONTE CARLO--With a softening market cycle well underway and underwriting discipline being the mantra of ratings agencies, Lloyd's is calling for the same in its markets, its chief executive said.
"We see a softening cycle, for 2008," Richard Ward told National Underwriter here. "For us the important thing is that we maintain underwriting discipline--write the right business at the right price and that we don't chase market share."
Mr. Ward also commented on the strength of Lloyd's, reflected in strong ratings and propelled by the March reinsurance transaction between Equitas, Lloyd's runoff entity for asbestos and environmental claims, and Berkshire Hathaway subsidiary National Indemnity Corp. National Indemnity now reinsures all of Equitas' liabilities and provides a further $5.7 billion of reinsurance cover to Equitas.
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