The London insurance market has come a long way from the dark days of the early 1990s, when it was plagued by losses derived from asbestos, pollution and catastrophe claims, exacerbated by the existence of the excess-of-loss spiral. In fact, it could be argued that it is stronger today than it has ever been. However, London players need to face up to a number of challenges if they are to successfully compete with other centers of insurance expertise, such as Bermuda.
The London market's recent financial performance has been very strong. This reflects the relatively benign claims experience recorded in 2006 and 2007, as well as the favorable premium rate environment of the last few years.
Fitch upgraded Lloyd's financial strength rating to "A-plus" in March 2007. This action was driven by:
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