Lloyd's FD attacks doubters
The finance chief of Lloyd's of London has hit out at those who have expressed doubts about the ability of Lloyd's of London to trade forward in the wake of the 11 September attacks.
In an exclusive interview in this week?s Accountancy Age, Andrew Moss, who joined Lloyd’s from the investment banking arm of HSBC last October, said: ‘When you get this sort of loss, rumours circulate about the market’s ability to trade forward. We are the centre and we know those rumours are ill-informed.
‘But we have spent a lot of time talking to a whole range of people – rating agencies, the media and banks, for example – to make sure that they had a reasonable picture.’
Talking about the month of intense activity in the Lloyd’s market since the recent attacks, he commented: ‘Unlike others who were speculating about us, we were analysing our position.’
Moss oversaw the market’s initial public estimate of its losses – £1.3bn net – which it revealed just two weeks after the New York attacks.
He has also spoken about his role as finance chief of an organisation which, although it has competitors, is unique.
Like most experts in the area, he is predicting an increase in insurance premiums as insurers look for profitability.
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