Lloyd's funding decision

Document description

Lloyd's of London, the world's leading insurance market, announced today that it has reached agreement with the New York Insurance Department in conjunction with National Association of Insurance Commissioners (NAIC) on the funds required for its "Credit for Reinsurance" trust funds for November 15, 2001. Lloyd's will deposit funds equalling 60% of the claims to be made by US cedants arising from the September 11th attacks. The balance, to bring the funds up to 100% of the reinsurance liabilities, will be paid by the end of March 2002.