Key Issues

Further to the article on personal stop loss on page 10 of the December issue of ALM News, the ALM was advised by Charles Taylor Services today "that we have now sold 73 units of cover for 2012 which means that we have exceeded the minimum requirement for the scheme to go ahead. We will be sending letters in the next couple of days to those Names who have applied for cover confirming that the scheme is now up and running."

The ALM provided an update to its website entry of 15th March 2011 (see below) on the Japanese earthquake to its members in the April 2011 issue of ALM News. Since then, Lloyd’s has announced its own estimate of the cost of the three major catastrophes which have hit it in the first quarter of 2011, as follows:-

Japanese earthquake US$1.95bn (£1.22bn @ $1.60: £1)

New Zealand earthquake US$1.2bn (£750m@ $1.60:£1)

Australia floods (Jan2011) US$650m (£406m@ $1.60: £1)

Earlier this afternoon, the Council of Lloyd’s appointed John Nelson to succeed Lord Levene as Chairman of Lloyd’s. This is the culmination of a long and thorough process led by the NACC – the Council’s appointments committee - and chaired by Dr Prindl (a Deputy Chairman of Lloyd's) to find the right individual to lead Lloyd’s.