Lloyd's Of London Back In Profit Despite Sandy

Lloyd's Of London has bounced back into profit in 2012 after claims fell as a result of fewer natural disasters.

The world's oldest insurance market said pre-tax profit increased to £2.77bn from a loss of £516m the year before.

The strong figures come despite Superstorm Sandy, which ripped through the Caribbean and North America in October 2012.

Lloyd's said the resulting claim of $2.2bn (£1.4bn) was one of the largest in its 325-year history.

But overall, last year was easier on the insurance industry than 2011, which was the most expensive on record for natural disasters.

Claims at Lloyd's fell to £10.1bn, down from £12.9bn the year before as a result of catastrophes including severe earthquakes in Japan and New Zealand.

Its chief executive Richard Ward said the results were strong despite Sandy, which he described as "one of the costliest natural catastrophes in history."

Its investment return also increased in 2012 - to £1.3bn from £995m in 2011.

Lloyd's began as a group of shipping merchants who met in a London coffee house, and now represents the combined results of around 80 insurance and reinsurance companies.

Listed companies which operate at Lloyd's include Catlin, Hiscox and Amlin.

Over 40% of its business is done in the US and Canada, with the UK making up 18%.

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