Lime Street market has received up to 100 claims.
Lloyd’s of London has received up to 100 claims with direct links to the sub-prime crisis, it was reported today.
Lloyd’s chief executive Richard Ward told The Times that members of the market had received the claims and notifications of claims from sub-prime banks, insurers and other financial institutions since June. Most of the claims would have been for D&O and professional indemnity policies.
Although Lloyd’s insurers are setting aside reserves to cover the claims, they are expected to total under £100m, an insignificant figures compared to other losses.
Ward said: “The number of claims and notifications, though, is a tiny fraction of the kind of volume we have seen in past financial crises at Lloyd’s.”
