LONDON (Reuters) – The Lloyd's of London insurance market returned to profit in 2012, bouncing back from a 516 million pounds loss in 2011 after claims fell on account of fewer natural disasters.
Pre tax profits during 2012 reached 2.77 billion pounds ($4.20 billion), Lloyds said, with net incurred claims falling to 10.1 billion pounds from 12.9 billion pounds a year earlier.
The financial performance of Lloyd's, which started out 324 years ago as a gathering of shipping merchants in a London coffee house, represents the combined results of about 80 competing insurance and reinsurance syndicates.
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