Lloyd's raises 2001 loss estimate but 2002 heads for profit

Lloyd's has raised its loss estimate for the 2001 year of account to £1.783bn.

According to its syndicate quarterly results (SQR) released today, this is a rise of £130m from its first estimate of £1.653bn back in April.

But the 2002 year of account is on target for profit, with the estimate rising from April's forecast of £1.484 to £1.665bn in today's report. Under annual accounting methods, 2002 returned an £834 million profit.

According to sources, the three managing agents worst hit during the 2001 year of account were Hiscox with a £44m loss due to the WTC tragedy; GoshawK, which posted a £19m loss; and Trenwick, which suffered losses of £10m.