Unlike some parts of the industry which virtually shut down for the summer, the rumour mills at Lloyd's are busier than ever.

Their latest shocker is that three businesses have had their underwriting licenses withdrawn - banning them from doing business in the market.

But how is it that many people in the market appear less than shaken by this extraordinary news?

It would appear that some are becoming sceptical of such tales of doom and even suggest they are being put about by the market's controllers in order to keep unruly underwriters in line.