Lloyd's rallies in NCF dispute

Rating agency Fitch has affirmed Lloyd's rating 'A' stable despite arbitration concerning its disput...

Rating agency Fitch has affirmed Lloyd's rating 'A' stable despite arbitration concerning its dispute with six reinsurers over the New Central Fund, finding that one of the carriers - Swiss Re - was entitled to avoid the policy. In April 2003, the Society of Lloyd's commenced arbitration proceedings with six insurers for the recovery sums claimed under a five-year insurance contract supporting the NCF. The tribunal has deferred reaching any further conclusions until evidence has been heard