Lloyd’s looks to Big Apple on back of record profits

COMING off a record year for profits, the chief executive of Lloyd’s of London said yesterday that the storied insurance group is participating in a study looking at creating a similar market in New York.

Lloyd’s said its annual pretax profit soared last year to a record £3.9 billion (€4.34bn), more than double the 2008 profit of £1.9bn. Results were aided by relatively light damage from Atlantic hurricanes and better investment performance.

But Richard Ward, Lloyd’s chief executive, warned that it would be hard for Lloyd’s to maintain its profitability at last year’s level.