Latest Breaking News
Showing Original Post only (View all)Lloyd's of London preparing for euro collapse [View all]
Source: Sunday Telegraph
The chief executive of the multi-billion pound Lloyd's of London has publicly admitted that the world's leading insurance market is prepared for a collapse in the single currency and has reduced its exposure "as much as possible" to the crisis-ridden continent.
Richard Ward said the London market had put in place a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro.
In an interview with The Sunday Telegraph he also revealed that Lloyd's could have to take writedowns on its £58.9bn investment portfolio if the eurozone collapses.
Europe accounts for 18pc of Lloyd's £23.5bn of gross written premiums, mostly in France, Germany, Spain and Italy. The market also has a fledgling operation in Poland.
Read more: http://www.telegraph.co.uk/finance/financialcrisis/9292511/Lloyds-of-London-preparing-for-euro-collapse.html