Lloyd's minimum security has improved but is dependent on the attraction and retention of business through the next downcycle, Moody's has said in a new special report.
"The improvement is down to the fact that exposure to further material losses on the risks written on weaker terms and conditions and with larger aggregates prior to 11 September 2002 has now run off," report author and senior analyst Robert Smith said.
"Conditions for Lloyd's syndicates are currently exceptional and at a level not seen since 1993 and 1994, thanks to an environment in which investment returns are low and with Lloyd's competitors retrenching due to material adverse reserve developments.
"This offers the prospect of good profits in the immediate future and the potential for a sustained upturn, given that investment returns are anticipated to remain low for some time."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
