Capacity drop for Lloyd's in 2005

The Lloyd's market claims a more disciplined approach has led to a 9% drop in capacity for 2005. It...

The Lloyd's market claims a more disciplined approach has led to a 9% drop in capacity for 2005.

It expects to have the capacity to underwrite £13.7bn of business in 2005. The announcement follows detailed discussion with each business in the market about their plans for 2005, and approval of those plans under Lloyd's franchise arrangements.

Nick Prettejohn, chief executive officer of Lloyd's, said: "Under the new franchise arrangements, businesses at Lloyd's have to take a hard look at how much