More than a year has passed since the events of 11 September. For Lloyd’s of London the Twin Towers disaster represented a potentially wounding financial blow. Not least because it came just as it was beginning to pick itself up from a decade of huge losses and massive litigation.
But one year on the insurance market has brushed itself off and come out fighting with a package of proposals aimed at modernising the 314-year-old institution and returning it to profitability. In September this year, the market voted overwhelmingly in favour of a series of controversial reforms at an extraordinary general meeting.”Lloyd’s has set itself a clear goal,” the chairman, Sax Riley, said at the time of the vote. “To become more transparent, more efficient, strongly regulated and ultimately profitable. These reforms provide us with the path to follow.”
