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Catastrophes Hit Lloyd's Groups, Prompting Rate Rise

Lloyd's of London, the world's oldest specialist insurance market, has revealed that losses from this year's earthquakes in Japan and New Zealand, and floods in Australia will cost its members about US$3.8 billion, making it the costliest first quarter on record. Lloyd's further warned that the cost of insurance worldwide is likely to rise as a result of these devastating catastrophes on the insurance industry.

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Lloyd's Insurer Chaucer Opens New Office in Buenos Aires, Argentina

Chaucer Holdings Plc, the diversified insurance group which is a subsidiary of Lloyd's of London, has recently announced the opening of a new office in Buenos Aires, the capital of Argentina. This new office will operate on behalf of Chaucer Syndicate 1084, and is aiming to get a share of the facultative property and related risks in the Latin American market.

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Paying out for the World Cup

Part of the problem with helping to insure the World Cup for GBP 6.2 billion (USD 9 billion) is the fact that you might have to pay out, as Lloyd's of London may find out. Among the many…

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How much to Insure the World Cup? According to Lloyd's, GBP 6.2 billion

Lloyd's of London has estimated that more than GBP 6.2 billion (USD 9 billion) in insurance policies have been taken out to protect against various risks involved with the 2010 FIFA World Cup in South Africa. The GBP 6.2 billion (USD 9 billion) estimate was divided into three categories; property insurance, contingency insurance and liability insurance, although absent from the estimates were the…

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Judge: Stanford may use insurance funds for defense

U.S. District Judge David Hittner ruled against Lloyd's underwriters and in favor of R. Allen Stanford. Mr. Stanford can now use the Lloyd's of London D & O insurance policies to pay his lawyers during the upcoming January 2011 trial.

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