Lloyd's reports record US growth

Lloyd's has revealed it's premium income in the US rose to a record $8.2 billion (£5.1 billion) last year, making the US its biggest revenue source.

United States revenue rose 15 percent, Lord Levene said at a conference in his first speech as chairman.

"Much of the impetus to reform has come from the need to maintain that relationship with the U.S. industry," Lord Levene told delegates from the Association of Professional Women in Insurance in New York.

Lloyd's recently said it aimed to increase the amount of premiums underwritten globally this year by 16%, to £14.25 billion, in a bid to take advantage of fees that have surged since September 11.