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Lloyd's predicts Offshore Drilling Premiums will Rise

According to a recent statement by CEO Richard Ward, Lloyd's anticipates that the premiums for insuring offshore drilling will go up "quite significantly" as a direct result of the BP oil spill in the Gulf of Mexico. Mr Ward acknowledged that in the past rates for this type of operation in that area had fallen to a very low level and fellow players in the industry had been questioning for quite some time the profitability of insurance in that particular region.

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