Lloyd's has announced that the market's capacity for 2003 will be £14.25bn, the biggest in its history.
The capacity represents an increase from the 2002 figure of £12.3bn.
In a speech to the property & casualty sector in New York, chief executive Nick Prettejohn said the the new capacity was: "a demonstration of powerful commercial and financial strength, in defiance of the predictions of a number of pessimistic observers."
He added: "A telling statistic is that the market capitalisation of Lloyd's UK quoted businesses is around 50% higher today than September last year. Lloyd's has a diverse capital base and there is ample evidence from all constituencies of the resilience of that capital.
"Lloyd's has shown remarkable resilience. The vitality of the market today is testimony to its enduring competitive strength recognised by policyholders and investors and demonstrated by a robust flow of business and capital into the market."
