Insurance market Lloyd’s of
The five-year cover is financed by
The central fund at Lloyd’s is a £3bn backstop funded by its underwriting members to protect the market in times of stress.
The first £450m of the cover is said to have been provided using a newly established cell company and financed by
The remaining £200m has been backed by eight major global reinsurance firms, including SCOR,
“In the event that something really, really big happens, this makes it much more safe for our policyholders that we will basically pay out the claims they are entitled to receive some money for,” Lloyd’s CFO
The report said that the arrangement will provide aggregate reinsurance protection to Lloyd’s
The cover also has a lower cost of capital and should help the company to underwrite more business.
The post Lloyd’s of
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