After three centuries at the heart of the UK insurance market, Lloyd’s of London is finding that its age is starting to show. In 2001 the market reported losses of £3.1bn, the biggest in its 300-year history, sustained largely in the wake of the events of 11 September.

The last major crash in the market – in which Lloyd’s lost £7.9bn between 1988 and 1992 – resulted in sweeping changes to the Lloyd’s system that opened up the market to corporate investors.