Lloyd’s capacity steady for 2004

Lloyd’s market capacity for 2004 holds steady at 14.9 billion pounds (Cdn $34.8 billion), the same level as 2003, the London market has announced. While 2003 began with 14.4 billion pounds (Cdn $33.7 billion) capacity, this number rose to 14.9 billion pounds by year’s end.
The figure marks the first year for Lloyd’s new business plan approval process under the franchise system, and CEO Nick Prettejohn says it reflects Lloyd’s focus on improving the quality of its business rather than chasing marketshare.
“The first year of the new franchise arrangements has helped to ensure that the market’s plans for 2004 are grounded in the reality of external market conditions, to deliver underwriting profit and maximize returns for capital providers.”
He adds that 2003 results promise to be strong, and the market’s outlook for 2004 is good.