Lloyd's plans to raise approximately £500m of long-term subordinated debt to strengthen its central fund.
Lloyd's chief executive Nick Prettejohn said: "Lloyd's today is financially strong. We are now aiming to strengthen that position further by establishing a long-term, robust and flexible capital structure which is
economically efficient for those firms which choose to operate at Lloyd's.”
Prettejohn said Lloyd's had been working for a year to consolidate its aim to finance its central assets.
It had found a suitable strategy through a mix of traditional direct contributions by members, a new syndicate loan arrangement for 2005, and the prospective issue of subordinated debt.
Prettejohn said: “Our strategy has widespread support from the market, our membership and the rating agencies. We believe there is currently a good appetite for this type of issue in the capital markets.”
An application will be made to list the debt on the London Stock Exchange.
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.
