Menu
30/08/2001
Lloyd’s of London project £2bn loss
The world’s oldest insurer, Lloyd's of London has been forced to increase its projected loss for the last two years to £2 billion.
A combination of the dot.com collapse and a Brazilian oil rig disaster have combined to squeeze the UK-based insurer.
This latest loss follows on from a trend evident in the past two decades when Lloyd's have racked up some of the biggest losses in the UK's corporate history, mainly because of hefty payouts on claims that including natural disasters and asbestos-related health issues.
The firm has upwardly revised its loss for 1999 to £1.4 billion, its biggest loss since 1990.
The insurer said in a statement that 1999 was widely acknowledged to represent the low point of the global insurance market and Lloyd's results reflected those conditions.
However, the firm also noted that trading conditions were now improving.
Lloyd's reports its results with a three-year time lag and final figures for 1999 are expected next year. (MB)
A combination of the dot.com collapse and a Brazilian oil rig disaster have combined to squeeze the UK-based insurer.
This latest loss follows on from a trend evident in the past two decades when Lloyd's have racked up some of the biggest losses in the UK's corporate history, mainly because of hefty payouts on claims that including natural disasters and asbestos-related health issues.
The firm has upwardly revised its loss for 1999 to £1.4 billion, its biggest loss since 1990.
The insurer said in a statement that 1999 was widely acknowledged to represent the low point of the global insurance market and Lloyd's results reflected those conditions.
However, the firm also noted that trading conditions were now improving.
Lloyd's reports its results with a three-year time lag and final figures for 1999 are expected next year. (MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
21 June 2012
Belfast Firm Is Fit For Business In Dubai
Diet Express in Belfast has teamed up with Fitness First in Dubai to help its gym members control their diets, lose weight and manage diabetes and other potentially life-threatening conditions.
Belfast Firm Is Fit For Business In Dubai
Diet Express in Belfast has teamed up with Fitness First in Dubai to help its gym members control their diets, lose weight and manage diabetes and other potentially life-threatening conditions.
08 October 2001
Lloyd’s gross insurance exposure may run to £7bn
The latest figures available estimate that the London Insurance markets may be facing £7 billion ($10 billion) in gross liabilities as a result of the terrorist attacks on the US. According to rating agency Fitch, the net loss as reported by Lloyd’s was £1.3 billion, but the final net figure may be closer to £1.7 billion.
Lloyd’s gross insurance exposure may run to £7bn
The latest figures available estimate that the London Insurance markets may be facing £7 billion ($10 billion) in gross liabilities as a result of the terrorist attacks on the US. According to rating agency Fitch, the net loss as reported by Lloyd’s was £1.3 billion, but the final net figure may be closer to £1.7 billion.
26 September 2001
Lloyd’s reveal extent of US terror attack insurance claim
Lloyd’s of London has revealed that the cost of the terrorist attacks on the US has resulted in the biggest single claim in the market’s 300 year history. The amount of the claims has been estimated as costing Lloyd’s around £1.3 billion, exceeding the previous highest total of £929 million for damage caused by Hurricane Hugo in 1989.
Lloyd’s reveal extent of US terror attack insurance claim
Lloyd’s of London has revealed that the cost of the terrorist attacks on the US has resulted in the biggest single claim in the market’s 300 year history. The amount of the claims has been estimated as costing Lloyd’s around £1.3 billion, exceeding the previous highest total of £929 million for damage caused by Hurricane Hugo in 1989.
16 October 2001
BT abandons joint venture with AT&T
BT has announced that it is to hang up on its loss making $10 billion joint venture with US telecoms giant AT&T. The agreement to end the joint international telecoms business will see the accounts and networks set up under the Concert venture returned into the hands of parent companies BT and AT&T.
BT abandons joint venture with AT&T
BT has announced that it is to hang up on its loss making $10 billion joint venture with US telecoms giant AT&T. The agreement to end the joint international telecoms business will see the accounts and networks set up under the Concert venture returned into the hands of parent companies BT and AT&T.
15 September 2009
Tele Gets Big Print Deal
An iconic local newspaper is to become one of Europe's biggest producers of daily titles. Deals worth £40m will mean the loss-making Belfast Telegraph can now be more confident about its future.
Tele Gets Big Print Deal
An iconic local newspaper is to become one of Europe's biggest producers of daily titles. Deals worth £40m will mean the loss-making Belfast Telegraph can now be more confident about its future.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
