Some of the 62 syndicates in the Lloyd's insurance market could go out of business due to the losses stemming from Hurricane Katrina, rating agency Standard and Poor's (S&P) has warned.

Marcus Rivaldi, an analyst at S&P, said: "Some Lloyd's syndicates may move down [our ratings] scale, thereby implying there is a greater risk that they may cease to trade...[or] they may have to raise capital in order to continue."

He also stressed that the agency was considering cutting the rating for the overall Lloyd's market.

Thor Valdamanis, a Lloyd's America spokesman, said: "It is premature to express a view on the impact of Katrina on individual syndicates since we are still assessing initial loss estimates," but S&P said that 30 of the 62 syndicates would need to be monitored closely.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.