Best Reports Ratings for Lloyd’s of London Stay Unchanged Following Profit Announcement

April 6, 2005

A.M. Best Co. reported that all ratings of Lloyd’s of London and the Society of Lloyd’s remain unchanged following Wednesday’s announcement of an annually accounted profit of GBP 1,357 million (USD 2,614 million).

The profit falls at the upper end of the range anticipated by A.M. Best, taking into account net catastrophe losses of approximately GBP 1,200 million (USD 2,312 million) largely incurred in the second half of 2004 and the impact of the recent settlement with Central Fund insurers, which reduced the profit by GBP 323 million (USD 622 million) before tax.

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