Lloyd's annual report echoes familiar themes.In an annual report that revisited what it described its the successes of 2004, Lloyd's Lloyd's, London insurance underwriting corporation of many separate syndicates; often called Lloyd's of London. Founded in the late 17th cent. by a group of merchants, shipowners, and insurance brokers at the coffeehouse of Edward Lloyd, the association is now has reiterated the importance of its long-running priorities of underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. discipline, contract certainty and business process reform. Chief Executive Officer Nick Prettejohn wrote in the report that last year, "businesses had to decide whether to follow a business strategy that responded actively to external market conditions or become hostages Persons taken by an individual or organized group in order to force a state, government unit, or community to meet certain conditions: payment of ransom, release of prisoners, or some other act. to the fortunes of the insurance cycle." A combination of market discipline and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. conditions, Prettejohn said, contributed to Lloyd's 2004 profit of 1.35 billion [pounds sterling] (about $2.46 billion). This result compared with a 2003 profit of 1.89 billion [pounds sterling]. Prettejohn said that Lloyd's 2004 combined ratio of 96.9 during a record year for natural catastrophes wits "an excellent underwriting performance." The combined ratio--losses and expenses as a percentage of premiums--was 90.7 for 2003. |
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